Neiro, the Ethereum-based meme coin, experienced a strong rally yesterday despite overall turbulence in the cryptocurrency market.
NEIRO Increased by 15% Over the Last Day
Yesterday, NEIRO saw a 15% increase, even as the broader market experienced a period of weaker performance. This growth follows a 36% gain on October 6, which helped NEIRO recover from a previous 9.23% loss. The bullish trend continued on October 7, with a 24.51% rise. A further 2.42% increase yesterday morning pushed NEIRO to the top of the list of gainers.
NEIRO rose by 15.3% over the past 24 hours and was trading at $0.001678 at the time of writing. Its market capitalization reached $714 million, with a daily trading volume of $1.17 billion.
NEIRO Breaks Through Key Levels on the Chart
On the 4-hour chart, NEIRO broke above the Ichimoku Cloud, signaling the potential for continued bullish momentum. The Ichimoku Cloud indicators show strong levels of support during this upward move.
The baseline, currently at $0.001397, is well below NEIRO's current price, indicating that the asset has established a higher low.
Meanwhile, the Leading Span A at $0.001495 highlights the cloud's support level. This confirms the potential for further upside if the support holds. If the price consolidates around these levels without falling back into the cloud, the token could see even greater gains.
Watch Out for Overbought Signals
The RSI (Relative Strength Index) at 77.55 indicates that NEIRO is in overbought territory. Additionally, buying pressure remains high, as suggested by the signal line at 73.46. While this is bullish, it also signals the possibility of a correction if the token becomes overstretched.
Investors should watch for potential retracement, especially given the overbought signals on the RSI. A pullback toward the baseline around $0.001397 could present a buying opportunity for those looking to re-enter the market.
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