Neiro Surges 15% in a Single Day, Aims for Price Target of $0.00061
During the past week, the cryptocurrency market, particularly memecoins, witnessed a significant downturn.
Nevertheless, Neiro [NEIRO] managed to avoid this downward trend and showed a robust upward movement. Over the last month, this memecoin has been consolidating its position.
During this period, there was a formation of a bullish wedge pattern. Additionally, the memecoin displayed a substantial uptick on its price charts.
As of the latest update, Neiro was being traded at $0.0004269. This represented a 15.95% increase within a span of 24 hours. Furthermore, the memecoin exhibited a weekly surge of 27.4%.
Prior to this surge, Neiro had been on a downward trend, declining by 12.83% over the previous month.
Following the recent price surge and breakout, the question arises whether Neiro can sustain its upward momentum and achieve further gains.
Is Neiro Capable of Maintaining the Upward Momentum?
Based on the analysis provided by CryptoCrypto, Neiro is currently experiencing robust upward momentum, driven by heightened demand from various market participants.
The upward momentum can be observed on the chart through bullish crossovers from different indicators. Neiro’s Stoch RSI recently underwent a bullish crossover, indicating a reinforced upward momentum.
Moreover, the recent bullish crossover on RVGI has confirmed the strength of the uptrend. These crossovers indicate a potential continuation of the trend, positioning Neiro for further advancements.
Furthermore, Neiro’s Exchange Flow balance witnessed a decrease, reaching -15k. A negative Exchange Flow balance signifies that the asset is experiencing more outflow from exchanges than inflow. T
This market behavior suggests that investors are optimistic and are actively accumulating the memecoin in anticipation of future price gains.
Similarly, Neiro’s major holders are showing a bullish stance. This optimism is reflected in the significant capital inflow from large holders. As per IntoTheBlock, the netflow of large holders has turned positive after being in negative territory the previous day.
This shift implies that there is more inflow than outflow from large holders, indicating a trend of accumulation among whales.
Lastly, the coin’s Price DAA Divergence has maintained a positive trend over the past week. A positive divergence signifies that the number of daily active addresses is increasing alongside rising prices.
This trend indicates a growing user base engaging with the network, demonstrating genuine demand and network adoption. The fundamental aspects of the network are strengthening.
Neiro is currently exhibiting a strong upward trajectory, with both retail investors and whales active in the market. With robust demand and positive market sentiment, the memecoin is well-positioned for further progress.
If these conditions persist, we may witness the memecoin reclaiming $0.00045 and potentially aiming for $0.00061. Conversely, in case of a correction, the memecoin is likely to find support around $0.00038.