In the past 24 hours, NEIRO has emerged as one of the prominent performers in the market, with a remarkable increase of 33.02% on the charts. This surge indicates a growing interest in the market, positioning NEIRO as the second-highest asset in terms of percentage gains during this time frame.
An analysis by CryptoCrypto suggests that this bullish momentum is expected to continue, driving the price even higher.
Positive Momentum Strengthens in Symmetrical Triangle
Currently, NEIRO is trading within a symmetrical triangle pattern characterized by converging support and resistance lines. This pattern typically precedes a breakout, leading the price towards the apex of the formation.
A potential breach of this pattern could result in a significant rally for NEIRO, with a projected surge of 151.18%. This move could propel the price to $0.2060, marking the peak of the channel.
With a notable 251.62% increase in trading volume within the past 24 hours, there is a high likelihood of an upcoming rally, especially as NEIRO breaks out of this bullish pattern.
Further analysis of market metrics by CryptoCrypto affirms the prevailing bullish sentiment, indicating a potential continuation of upward momentum in the short term.
Promising Signs for NEIRO with Additional Bullish Indicators
NEIRO has also experienced a significant rise in its Weighted Funding Rate. Coinglass reports a 0.0199% increase in the rate, reflecting strong bullish sentiment in the market.
It is important to note that the weighted funding rate represents the average rate across various exchanges, adjusted based on each exchange’s trading volume or Open Interest. This adjustment offers a more precise indication of market sentiment for perpetual Futures contracts.
Moreover, Open Interest, measuring the total value of outstanding derivative contracts for an asset, has surged by 52.30%, reaching $131.89 million. This significant increase underscores the market’s strength, especially among long traders.
If this trend continues, NEIRO could potentially break out of its current pattern and sustain its upward trajectory.
Positive Market Sentiment Reflected in Massive Withdrawals for NEIRO
Recent data shows substantial outflows over the last week, resulting in negative exchange balances for NEIRO – indicating strong bullish sentiment among investors.
With $30.07 million worth of NEIRO withdrawn during this period and transferred to more secure wallets, the effect on NEIRO’s price trend is evident.