The Neiro Ethereum Price Trapped In A Bearish Channel

The Neiro Ethereum price plummeted over 15% in the last 24 hours to trade at $0.1219 as of 5:33 a.m. EST.

The Neiro Ethereum price plummeted over 15% in the last 24 hours to trade at $0.1219 as of 5:33 a.m. EST.

The NEIRO price is now down more than 39% over the past 7 days, though it remains up a stratospheric 797% over one month. 

4-hour chart for NEIRO/USD (Source: GeckoTerminal)

The Neiro Ethereum Price Trapped In A Bearish Channel

The Neiro Ethereum price has been stuck in a descending price channel over the past few days after it printed a series of lower highs and lower lows during this period. NEIRO is still trading in this bearish channel, and is therefore at risk of losing the key support level at $0.1153 in the coming 24 hours.

Should NEIRO drop below $0.1153 through the course of the next trading day, it could be exposed to the risk of plunging to the next technical safety net at $0.0494 in the following 24-48 hours.

However, the Neiro Ethereum price maintaining a position above $0.1153 for the next 24 hours might prevent the bearish thesis from happening.

In this alternative scenario, the meme coin could try to break out of the medium-term descending channel. To do this, NEIRO will first have to close a 4-hour candle above the $0.1711 resistance.

Overcoming the $0.1711 threshold might give the Neiro Ethereum price the foundation needed to keep climbing in the short term. This could then result in the altcoin rising to as high as $0.2366.

Technicals Warn Bears Might Keep Pushing The Neiro Ethereum Price Down

From a technical perspective, indicators on NEIRO’s 4-hour chart warn the crypto might keep falling in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flashing bearish. 

RSI readings have dropped from 43 to 34 over the past 24 hours to indicate that NEIRO is currently oversold and that bears have the upper hand against bulls.

With the RSI line sloped negatively, it seems sellers still plan on exerting pressure on the Neiro Ethereum price in the coming 24 hours.

Meanwhile, the MACD line is positioned below the MACD Signal line. Traders generally see this orientation as a sign that a crypto is in a short-term negative cycle.

With the MACD Histogram values gradually falling deeper into the red, it seems NEIRO’s bearish momentum is picking up steam as well.

While technicals warn of a continued drop in the Neiro Ethereum price, investors are rushing to buy layer-2 meme coin Pepe Unchained (PEPU) for its parabolic potential.

Elevating PEPE To The Next Level

Up until now, PEPE’s potential has been limited. Although the meme coin has managed to climb the crypto ranks to become one of the largest meme coins by market cap, PEPE’s scalability and transaction speeds are restricted by the congested Ethereum network.

Pepe Unchained (PEPU), with its own layer-2 network, aims to break the frog-themed crypto’s links to the Ethereum mainnet.

This will grant PEPU token holders access to a token that can be transacted with at far greater speeds and substantially lower costs.

Pepe Unchained’s network might also become the new preferred choice for meme coin developers, which could lead to a higher Total Value Locked for the network and subsequently make PEPU more valuable.

Investors will, however, still be able to seamlessly bridge their assets between the Ethereum and Pepe Unchained networks.

This opens up the dual benefit of Pepe Unchained’s lightning-quick speeds and Ethereum’s robust security.

Pepe Unchained’s appeal to meme coin investors combined with the impending launch of a layer-2 network has excited several analysts, including YouTuber Austin Hilton.

In one of his latest videos to his 237,000 subscribers, Hilton shared his bullish outlook on PEPU.

An Investor Frenzy Erupts Around Pepe Unchained’s Ongoing ICO

Investors are also bullish on Pepe Unchained, and have sent more than $9.4 million to the project’s ongoing ICO.

In addition to its speculative potential, the meme coin is also offering an attractive staking program to presale buyers.

Anyone who purchases and stakes PEPU at this early stage will unlock an annual yield of 210%.

Pepe is preparing to launch his own Layer 2 blockchain solution soon:

🧠 Instant bridging between ETH and Pepe Chain🧠 Lowest transaction fees🧠 100x faster transaction speeds compared to ETH🧠 Dedicated Block Explorer