Key Points
Neiro, a meme coin based on Ethereum, has demonstrated strong bullish momentum in the past day.
This is despite the ongoing market instability.
Impressive Performance
In the last 24 hours, Neiro (NEIRO) has seen a 15% surge.
This comes despite a period of lackluster performance in the market.
The uptrend follows a significant 36% gain on Oct. 6.
This gain overshadowed the 9.23% loss NEIRO encountered the previous day.
The bullish momentum continued with a 24.51% rally on Oct. 7.
An additional 2.42% increase this morning has helped push NEIRO to the top of the gainers list.
NEIRO has risen by 15.3% in the past 24 hours.
It is currently trading at $0.001678.
Its market cap has reached $714 million, with a daily trading volume of $1.17 billion.
On the four-hour chart, NEIRO has broken above the Ichimoku Cloud.
This signals a potential continuation of its bullish run.
Notably, the Ichimoku Cloud indicators show strong support levels amid the upsurge.
The Base Line, currently at $0.001397, is far below NEIRO’s current price.
This suggests that the asset has solidified a higher floor.
Leading Span A at $0.001495 highlights the cloud’s support level.
This confirms the potential for further upward movement if the support holds.
If the price consolidates around these levels without falling back into the cloud, the token may see even greater gains.
The RSI, now at 77.55, indicates that NEIRO is in overbought territory.
Further, buying pressure remains high, as suggested by the Signal Line at 73.46.
While this is bullish, it also signals that a correction could spring up as the token becomes overextended.
Investors should keep an eye out for a potential retracement.
This is especially important given the overbought signals on the RSI.
A pullback toward the Base Line around $0.001397 could present an opportunity for buyers looking to re-enter the market.