Despite brief moments of potential recovery, most of meme coins had a challenging week. Popular tokens like Bonk (BONK) and Pepe (PEPE) saw their prices drop by double digits.
In contrast, Neiro Ethereum (NEIRO) experienced an unexpected price surge after Binance announced its listing on the futures market. Here’s a recap of the key developments.
Neiro Ethereum (NEIRO)
NEIRO’s price skyrocketed by 548% this week. While it had already seen price jumps earlier, its listing on Binance futures fueled the surge even further.
The announcement sparked excitement within the NEIRO community, drawing comparisons to PEPE and BONK’s Binance listings. Although Neiro Ethereum hasn’t yet made it to the Binance spot market, its futures listing comes just two months after its market debut.
For context, PEPE waited nearly a quarter, and BONK almost a year for Binance’s attention. As of this writing, NEIRO is priced at $0.16, rebounding from a previous low of $0.02.
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Despite the rally, NEIRO remains 45% below its all-time high of $0.29. However, the On Balance Volume (OBV) indicator suggests strong buying interest, signaling continued market support for the meme coin.
Generally, a rising OBV indicates buying pressure, while a falling reading of the indicator signifies otherwise. If the reading continues to rise, NEIRO’s next target could be $0.20 within the next few days.
However, the token might face a downturn if it becomes overbought and massive profit-taking begins. In that situation, its value might drop to $0.11.
Pepe (PEPE)
PEPE’s price decreased by nearly 13% in the last seven days. In a previous analysis, BeInCrypto reported how the meme coin had formed a head and shoulder pattern that could accelerate the downtrend.
As of this writing, the bearish thesis has been validated as the token trades at $0.0000067. However, according to indications from the Money Flow Index (MFI), a rebound could be close. The MFI is a technical oscillator that uses price and volume to spot overbought and oversold conditions.
When the indicator’s value is above 80.00, a cryptocurrency is overbought. On the other hand, a reading less than 20.00 means it is oversold. According to the daily chart, the MFI is down to 13.40, meaning PEPE is oversold, and a rebound could be close.
This potential would require a vast market interest to be validated. Should the broader market decide to buy the meme coin at this discount price, the token might jump to $0.0000080.
However, invalidation could occur if the meme coin continues to lack demand. If this is the case, the token’s value might decline to $0.0000058.
Bonk (BONK)
BONK’s daily technical setup appears similar to PEPE’s. Like the frog-themed meme coin, the BONK could be ready for a notable rebound as the Chaikin Money Flow (CMF) looks to be heading toward the positive region.
When used alongside other indicators, the CMF helps determine if a cryptocurrency is likely to enter an uptrend or downtrend. In BONK’s case, the price could move higher if the CMF eventually crosses above the neutral line. If this occurs, the meme coin could retest the support at $0.000017 and potentially reach $0.000020.
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However, the Relative Strength Index (RSI) indicates that the market remains hesitant, reflecting fear around buying the dip. Failure to accumulate more BONK could invalidate this thesis. In that case, the meme coin’s price might drop to $0.000015.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
