NEIRO surges 15%, further rally could be on the way

Neiro, an Ethereum-based meme coin, has recorded strong upward momentum over the past day despite the market-wide turbulence.

Neiro (NEIRO) is up 15% in the last 24 hours despite the market witnessing a period of weak performance. This uptrend follows a massive 36% gain on October 6, which dwarfed the 9.23% loss NEIRO faced the previous day.

NEIRO 4H chart – October 8 | Source: crypto.news

The upward momentum continued with a 24.51% rise on October 7. An additional 2.42% gain this morning helped NEIRO take the top spot on the winners’ list.

NEIRO is up 15.3% in the last 24 hours and is trading at $0.001678 at the time of writing. The market value reached 714 million dollars and the daily trading volume reached 1.17 billion dollars.

On the four-hour chart, NEIRO has broken above the Ichimoku Cloud, indicating that the uptrend may continue. In particular, Ichimoku Cloud indicators are showing strong support levels in the midst of an uptrend.

Currently at $0.001397, the Baseline is well below NEIRO’s current price, indicating that the asset is consolidating to a higher base.

Meanwhile, Leader Span A at $0.001495 highlights the support level of the cloud. This confirms the potential for upside movement if support holds. The token could make even bigger gains if the price consolidates around these levels before returning to the cloud.

Currently at 77.55, the RSI indicates that NEIRO is in overbought territory. Moreover, buying pressure is still high as suggested by the Signal Line at 73.46. While this is bullish, it also signals that a correction could occur as the token becomes overextended.

Investors should be wary of a potential pullback, especially given the overbought signals on the RSI. A pullback towards the Base Line near $0.001397 could present an opportunity for buyers looking to re-enter the market.