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

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

Neiro (NEIRO) has surged 15% in the last 24 hours despite the market witnessing a period of lackluster performance. This uptrend follows a massive 36% gain on Oct. 6, which overshadowed the 9.23% loss NEIRO encountered the previous day.

The bullish momentum continued with a 24.51% rally on Oct. 7. An additional 2.42% increase this morning helped push NEIRO into the top spot on the gainers list.

NEIRO is up by 15.3% in the past 24 hours and is trading at $0.001678 at the time of writing. Its market cap reached $714 million with a daily trading volume of $1.17 billion.

On the four-hour chart, NEIRO has broken above the Ichimoku Cloud, signaling a potential continuation of its bullish run. Notably, the Ichimoku Cloud indicators show strong support levels amid the upsurge.

The Base Line, currently at $0.001397, is far below NEIRO’s current price, suggesting that the asset has solidified a higher floor. 

Meanwhile, Leading Span A at $0.001495 highlights the cloud’s support level. This confirms the potential for further upward movement if the support holds. If the price consolidates around these levels without falling back into the cloud, the token may see even greater gains.

The RSI, now at 77.55, indicates that NEIRO is in overbought territory. Further, buying pressure remains high, as suggested by the Signal Line at 73.46. While this is bullish, it also signals that a correction could spring up as the token becomes overextended.

Investors should keep an eye out for a potential retracement, especially given the overbought signals on the RSI. A pullback toward the Base Line around $0.001397 could present an opportunity for buyers looking to re-enter the market.