The First Neiro on Ethereum price surged more than 77% in the last 24 hours to trade at $0.0007849 at press time.

With this recent gain, the meme coin’s weekly performance has been pushed deeper into the green zone. As a result, NEIRO is up more than 1,548% over the last 7 days.

First Neiro on Ethereum Price Forms a Bearish Pattern

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

A bearish rising wedge pattern has formed on the 4-hour chart for the First Neiro on Ethereum price. This could suggest the meme coin might undergo a correction in the coming 24 hours.

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Currently, NEIRO is attempting to flip the resistance level at $0.0008131 into support. Should the crypto close a 4-hour candle above this threshold within the next 8 hours, the First Neiro on Ethereum price might have the foundation needed to rise to the subsequent mark at $0.0011344 in the following 24 hours.

On the other hand, NEIRO failing to establish a position above $0.0008131 within the next 8 hours could invalidate the bullish thesis. In this alternative scenario, the First Neiro on Ethereum price might break below the lower boundary of the aforementioned rising wedge pattern and potentially retest the immediate support level at $0.0004998. Continued sell pressure at this point could then result in NEIRO falling to as low as $0.0002749 in the short term.

Technical Indicators Showing Bearish Signs

Technical indicators on NEIRO’s 4-hour chart warn that the meme coin is losing some of its bullish strength. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.

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In the last couple of hours, RSI readings have started to drop. With the technical indicator currently sloped negatively, it seems buyers are losing their grip on the First Neiro on Ethereum price. What’s more, the high RSI reading above 87 suggests that NEIRO is overbought. Traders generally see this as a sell signal.

Meanwhile, the MACD line is starting to collapse in on the MACD Signal line. The narrowing gap between these two technical indicators with the MACD line dropping towards the MACD Signal line suggests that NEIRO’s positive trend is coming to an end. An intersection between these two lines could signal that the meme coin has entered a new bearish cycle.