After exploding onto the scene earlier this month and nearly cracking the top 10 meme coins, Neiro Ethereum ($NEIRO) has been sliding in recent days. The token is down 16% in the past week and now trades at a price of $0.1864.
While $NEIRO has been falling, presale meme coins have continued to attract attention. One new token, PlayDoge, looks like it could even rocket higher than $NEIRO after its upcoming launch.
Let’s take a look at $NEIRO’s current situation and PlayDoge’s potential.
$NEIRO Tests Support as Traders Hope for Bounce
$NEIRO’s slide has brought the meme coin from an all-time high of $0.2986 just over a week ago to a price of $0.1864 today. Trading volume in $NEIRO has also fallen over the past week, and dropped an additional 30% in the last 24 hours.
Neiro Ethereum dropped to the 19th-largest meme coin by market cap, erasing holders’ hopes that the token could crack the top 10.
However, it’s not all bad news for $NEIRO. The token’s slide matches trends in the broader meme coin market, and $NEIRO has actually fared much better than many of its more established peers. For example, $WIF and $POCAT each fell 22% in the past week of trading, while $MOG fell 27%.
$NEIRO is now trading just below the $0.200 support level, and it’s unclear whether the token will bounce off of this support and recover or suffer a more dramatic price breakdown.
If $NEIRO bounces, technical analysis suggests the token could recover to around $0.245. This is the trajectory some analysts are calling for, in large part thanks to support for $NEIRO from the rapidly growing “Neiro Army.”
Unfortunately, it looks more likely that $NEIRO could fall further, to its next support level around $0.165—a potential 12% loss from today’s price.
This support level hasn’t been seriously tested yet since $NEIRO is still relatively new, so it’s also possible that the support won’t hold as well as traders expect. In that case, $NEIRO has the potential to free-fall to a level not seen since the token’s first days of trading.
Analyst Says PlayDoge Offers 10x Potential as Presale Raises $6M
While $NEIRO has been falling, another dog-themed meme coin has been on the rise: PlayDoge.
PlayDoge is a new meme coin and play-to-earn game modeled on the ultra-popular companion pet game Tamagotchi. In the game, players earn $PLAY tokens as they care for a virtual doge pet.
PlayDoge has made a number of important improvements to Tamagotchi’s gameplay, the most significant of which is the introduction of play-to-earn token rewards.
On top of that, PlayDoge is available on iOS and Android, offers high-resolution graphics, and introduces side adventures that give players even more chances to earn $PLAY tokens.
Demand for the token during the $PLAY presale is coming from all sides—meme coin traders, crypto investors, play-to-earn gamers, and traditional gamers who are new to crypto and want to try a new take on Tamagotchi. That’s fueled the PlayDoge presale to raise more than $6 million since its launch.
Analysts have taken note of PlayDoge’s success and highlighted it as one of the best ICO tokens to buy right now. Jacob ‘Crypto’ Bury, who has a long history of predicting explosive meme coins, said $PLAY could jump 10x or more after launch. Crypto Mark called it “the best play to earn game in crypto.”
Right now, early investors in the PlayDoge presale can grab tokens for a discounted price of just $0.0053. The project is also offering 76% APY staking rewards, giving investors a chance to fill their bags ahead of the launch.
The PlayDoge presale ends on August 26, so there’s not much time left to buy $PLAY before it begins trading. Don’t miss this chance to buy one of the biggest meme coins of the year.
