Neiro surged 30.29% on the weekly chart, signaling the potential for new highs.
Nairo's stock price has risen 30.29% in seven days.
Market fundamentals suggest that memecoin is experiencing strong upward momentum.
The cryptocurrency market has been experiencing a strong uptrend over the past few weeks, with memecoin seeing explosive growth.
Neiro coin [NEIRO] is not far behind in the memecoin rally. As a result, Neiro coin has seen strong gains over the past week, hitting new highs.
In fact, at press time, Neiro is trading at $0.002664, up 12.06% over the past 24 hours. Additionally, the memecoin has also seen significant gains on its weekly and monthly charts, up 30.29% and 26.91%, respectively.
Although Neiro is on an upward trend, the stock is currently 15% below its all-time high reached two days ago. This raises the question of whether this upward trend is truly sustainable and, if so, how far it can go.
What the Neiro chart shows
According to AMBCrypto’s analysis, buyer interest in Neiro is increasing and showing strong upward momentum.
When memecoin reached its all-time high a few days ago and dropped to $0.0022, buyers took the opportunity to buy on the dip.
This is evidenced by the fact that Neiro’s relative strength index (RSI) has risen in 24 hours from 63 to 67. A rising RSI indicates that buyers are in control and that buying pressure is greater than selling pressure.
A shift in momentum often indicates growing interest in the memecoin and a positive trend, which is further illustrated by the bullish MACD.
Since the MACD line is above the signal line, this shows that Neiro is experiencing a strong uptrend and the memecoin is currently in a bullish phase.
Looking further, Neiro’s exchange balance has declined over the past month. Neiro tokens have dropped from a high of 1.23 billion to 7.04 million, a drop of 99.43%.
A drop means that fewer tokens are entering exchanges, thus reducing selling pressure. Likewise, a drop also indicates that investors are actively holding assets, storing them in cold wallets.
Finally, the fact that the total number of Neiro holders has increased to 19.8k further proves the bullish sentiment in the market. The surge in the total number of holders indicates increased adoption and interest.
The increase in addresses reflects new retail or institutional interest supporting long-term growth.
In short, memecoin is currently experiencing strong upward momentum and buyers are in control.
Since bulls are in complete control of the market, their buying pressure is likely to drive memecoin prices further up.
Therefore, these conditions are in favor of more gains for Neiro and if these conditions remain unchanged, Neiro will attempt the $0.0031 resistance level. A breakout here could see the memecoin set new highs.
