During the recent weeks, the digital currency market has witnessed a robust upward trend, especially with meme-based coins experiencing a significant surge.
In the midst of this rally for meme coins, Neiro coin [NEIRO] has also been on the rise. Neiro has shown a noticeable upward movement, reaching a new all-time high in the past week.
Presently, Neiro is trading at $0.002664, marking a 12.06% increase in the last 24 hours. Moreover, the meme coin has demonstrated substantial gains on both weekly and monthly charts, rising by 30.29% and 26.91% respectively.
Despite Neiro’s current uptrend, it is worth noting that the coin is currently 15% below its recent all-time high achieved just two days ago, raising questions about the sustainability of the upward trajectory and its potential extent.
Insights from Neiro’s Charts
Based on analysis from CryptoCrypto, Neiro is witnessing heightened interest from buyers along with a strong upward momentum.
Buyers have seized the opportunity to purchase during the dip when the coin dropped to $0.0022 after hitting its all-time high a few days back.
This surge in buyer interest is evident from Neiro’s Relative Strength Index (RSI) climbing from 63 to 67 within 24 hours, indicating a scenario where buyers are exerting greater pressure for buying than selling.
Such a momentum shift typically signals a rising interest in the meme coin and a positive trend, a sentiment further supported by a bullish Moving Average Convergence Divergence (MACD).
With the MACD line positioned above its Signal line, the indication is that Neiro is currently in a bullish phase, experiencing a strong uptrend.
Further examination reveals a decrease in Neiro’s Exchange flow balance over the past month, plummeting from 1.23 billion Neiro tokens to 7.04 million, signifying a significant 99.43% decline.
This decline implies that fewer tokens are entering exchanges, resulting in reduced selling pressure. Additionally, it suggests that investors are actively opting to hold their assets in cold wallets rather than trading them.
Furthermore, the bullish market sentiment is bolstered by the rise in Neiro’s total number of holders to 19.8k. An uptick in total holders implies growing adoption and interest in the coin.
An increase in addresses indicates either new retail investors or institutional participation, supporting the coin’s long-term growth prospects.
Essentially, the meme coin is currently witnessing a robust upward momentum, underpinned by buyers’ dominance in the market.
With the bulls firmly in control, their buying pressure could pave the way for further price appreciation for Neiro, potentially leading the coin to test the $0.0031 resistance level. A successful breakthrough at this point could propel the coin to achieve a new all-time high.