Neiro, an Ethereum-based meme coin, has recorded strong bullish momentum over the past day despite market turbulence.
Neiro (NEIRO) shares are up 15% over the past 24 hours, despite the market going through a period of weak performance. This uptrend follows a massive 36% gain on Oct. 6, which eclipsed the 9.23% loss NEIRO faced the day before.
The bullish momentum continued with a 24.51% rise on October 7. An additional gain of 2.42% this morning helped propel NEIRO to the top spot on the list of top gainers.
NEIRO is up 15.3% over the last 24 hours and is trading at $0.001678 at the time of writing. Its market capitalization reached $714 million with a daily trading volume of $1.17 billion.
On the four-hour chart, NEIRO broke above the Ichimoku cloud, signaling a potential continuation of the bullish move. It is noteworthy that the Ichimoku Cloud indicators show strong support levels amid the rise.
The baseline, currently at $0.001397, is well below NEIRO’s current price, suggesting the asset has consolidated at a higher level.
Meanwhile, the leading A range at $0.001495 indicates a cloud support level. This confirms the potential for further upward movement if support holds. If the price consolidates around these levels without falling back into the cloud, the token could see even more gains.
The RSI, currently at 77.55, indicates that NEIRO is in overbought territory. In addition, buying pressure remains high, as evidenced by the signal line at 73.46. While this is optimistic, it also signals that a correction may occur as the token becomes overextended.
Investors should keep an eye on a potential recovery, especially given overbought signals on the RSI. A pullback to the baseline around $0.001397 could provide an opportunity for buyers looking to re-enter the market.
