Having fallen by around 10% in the last 24 hours, will Neiro (NEIRO) get a chance to experience a potential rally?
With the super memecoin craze started by Dogecoin (DOGE), all eyes are now on NEIRO. The owner of Dogecoin mascot Kabosu adopted a new Shiba Inu dog and named it Neiro. This development has sparked great interest in NEIRO in the memecoin world.
NEIRO, which is traded on the Ethereum blockchain, quickly attracted the attention of crypto investors. Launched as a similar to Dogecoin, this new memecoin quickly attracted attention by reaching a market value of $ 1 billion.
However, NEIRO, which had a weak start to the super memecoin craze, has yet to make the expected rise despite its $1 billion trading volume.
In the latest analysis published by AMBCrypto, it is stated that the selling pressure in NEIRO has ended and the price prediction for NEIRO attracts attention.
According to AMBCrypto’s analysis, NEIRO has an upside potential of around 50% on the weekly charts. If an uptrend starts, NEIRO could see a new all-time high (ATH).
“While NEIRO is currently in a bullish cycle, it is trading around 15% below its recent ATH,” the analysis stated.
NEIRO, which declined due to selling pressure and profit taking, now has the potential to gain upward momentum. It is stated that buyer interest has increased and the price is holding at $0.00022.
NEIRO’s Relative Strength Index (RSI) has risen to 67 levels in 24 hours, indicating a dominant buyer presence and a high buying appetite.
Binance Listing and Selling Pressure
The popular memecoin faced major selling pressure after it was listed on Binance. NEIROs entering exchanges prevented the price from rising. According to AMBCrypto’s on-chain metrics, NEIRO’s exchange flow balance has decreased in the past month. The amount of NEIRO transferred to exchanges decreased from 1.23 billion NEIRO to 7.04 million NEIRO. This shows that exchange pressure has decreased by 99.43% and buyers are showing more appetite.
Moreover, the number of wallets holding NEIRO has increased to 19.8 thousand, indicating that this memecoin is being adopted by more and more investors.
AMBCrypto predicts that NEIRO’s rally will continue, noting that the price could rally towards the $0.0031 resistance, which could potentially open NEIRO up for a new bullish wave.
In conclusion, although NEIRO still faces challenges, it has upside potential if there is strong buyer interest and market conditions improve.