- While memecoins have sharply declined over the past week, Neiro is soaring.
- Neiro has spiked by 15.95% in 24 hours as bullish momentum intensifies.
Over the last week, the crypto market, especially memecoins, experienced a bloodbath.
However, Neiro [NEIRO] was spared from this downward and made a strong upswing. As such, over the past month, the memecoin has been consolidating.
This period saw a bullish wedge pattern form. Also, the memecoin experienced a strong upswing on its price charts.
At the time of writing, Neiro was trading at $0.0004269. This marked a 15.95% increase in 24 hours. Equally, the memecoin has gained on weekly charts, hiking by 27.4%.
Before these gains, Neiro had been on a downward trajectory, dropping by 12.83% over the past month.
With the recent price pump and breakout, the question is whether Neiro can maintain the uptrend and make more gains.
Can Neiro hold the uptrend?
According to AMBCrypto’s analysis, Neiro is experiencing strong upward momentum amidst increased demand from all market participants.
Source: TradingView
The upward momentum is evident on the chart with bullish crossovers from two fronts. Neiro’s Stoch RSI has made a bullish crossover over the past day, signaling strengthening upward momentum.
The recent bullish crossover on RVGI validated the strength of the uptrend. These two crossovers signal the potential continuation of the trend, positioning Neiro for further gains.
Source: Santiment
Additionally, Neiro’s Exchange Flow balance dropped to hit- 15k. When the exchange flow balance hits negative, it implies that the asset is experiencing exchange outflow rather than outflow. T
his market behavior suggests that investors are bullish and continue to accumulate the memecoin as they anticipate further gains on its price charts.
Source: IntoTheBlock
Equally, Neiro’s whales are also bullish. This bullishness is evidenced by massive capital inflow from large holders. According to IntoTheBlock, the large holder’s netflow has turned positive after dropping to negative territory the previous day.
This suggests that there are more large holders inflow than outflow, reflecting the accumulation trend among whales.
Source: Santiment
Finally, the coin’s Price DAA Divergence has remained positive throughout the past week. When this turns positive, it implies that daily active addresses are rising while prices are also rising.
Such a trend suggests that new users are engaging with the network, indicating genuine demand and network adoption. The network fundamentals are strengthening.
Neiro is currently experiencing strong upward movement with buyers in the market, both retailers and whales. With strong demand and bullish sentiment, the memecoin is well-positioned for more gains.
If these conditions hold, we could see the memecoin reclaim $0.00045 and then attempt a move towards $0.00061. Conversely, if a correction emerges, the memecoin will find support around $0.00038.
