NEIRO Price Prediction: NEIRO/USD Forms Descending Triangle, Which Way to Break?

The Neiro price plummeted 46% in the last 24 hours to trade for $0.01743 as of 09:30 a.m. EST. The NEIRO token's dump comes amid controversy over insider buying

The Neiro (NEIRO) token has seen a remarkable downturn in the last 24 hours, with a 46% price decrease. At the time of writing, NEIRO is trading for $0.01743, sparking traders’ interest and concern.

The NEIRO token’s dump comes amid controversy over insider buying, with reports that the project’s developer made up to 5,169X profit. On-chain detective Lookonchain reported that the developer initially invested 3 SOL, valued at $552, to purchase 97.5 million Neiro tokens.

The developer then proceeded to sell 68 million Neiro tokens for 15,511 SOL, which is roughly valued at $2.85 million at the time of the transaction. This was done across multiple wallets, achieving a realized profit of 15,508 SOL ($2.85 million), which represents a gain of 5,169 times the initial investment.

The dev of $Neiro has made 15,508 $SOL($2.85M) with only 3 $SOL($552), a gain of 5,169x!?

He spent 3 $SOL($552) to buy 97.5M $Neiro when deploying $Neiro.

Then he sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M).… pic.twitter.com/0PBP6gpJ0e

— Lookonchain (@lookonchain) July 28, 2024

The profit is sparking controversy amid speculation of a possible rug pull, or exit scam. Such events typically involve project insiders quietly selling a large chunk of their token allocation and exiting the project.

Besides the remarkable profit, there is also identity controversy around the Neiro token. Based on CoinGecko data, there is one Neiro token with a market capitalization of $17.38 million at press time that recorded a 46% price drop. The other Neiro token is up 63% with a market capitalization of $55.71 million.

Traders looking to make future bets on NEIRO are now in disarray, not knowing which way to go. This confusion is worsened by rumors of what appears to be a brewing exit scam.

Id love to ape $neiro but i legit dont know which one is the right one

— emocoin (@emotrades_) July 28, 2024

Other analysts have also investigated the developer.

The $Neiro dev made $6M with a memecoin; it was not hard.

Nor luck.

In this video, you will see:

– His past launches

– The tools used for that specific launch

– Another coin launched with the same tool (got it live) pic.twitter.com/Q6vchfc4Vx

— Antoine Rousseaux (@AntoineRSX) July 29, 2024

NEIRO Price Prediction

The NEIRO/USD trading pair is trading with a bearish bias in the one-hour timeframe. It is consolidating within a descending triangle pattern, which is typically a bearish continuation pattern. The price has been making lower highs, forming the upper trendline, while the lower trendline acts as a support level.

Based on the histogram nodes, volume has been decreasing as the price approaches the top of the triangle. Traders must wait for a breakout accompanied by an increase in volume, as this would confirm the direction of the breakout.

Meanwhile, the Relative Strength Index (RSI) is around 50, signifying neutrality. This indicates that there is no clear momentum in either direction, and the market could move either way. It highlights the need for investors to await a breakout.

The Moving Average Convergence Divergence (MACD) is below the signal line, which is generally a bearish sign. However, the histogram shows decreasing negative momentum, indicating that the bearish momentum may be weakening.

If the Neiro price breaks below the lower trendline of the descending triangle with strong volume, it could indicate a bearish continuation. In this case, the price might move toward the next support level, around $0.010 or lower.

NEIRO/USD 1-hour chart

Conversely, if the price breaks above the upper trendline of the descending triangle with strong volume, it could invalidate the bearish pattern and indicate a bullish reversal. In this scenario, the price might move towards the next resistance level around $0.030 or higher.

Meanwhile, as the Neiro price fills up a descending triangle, crypto expert Jacob Bury on YouTub says The Meme Games (MGMES)

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