- Neiro has a bullish outlook for the coming weeks after defending a key retracement level as support.
- Buying pressure was evident on the lower timeframe charts, which was a bullish sign.
Neiro [NEIRO] saw a large whale withdrawing tokens toward the end of May, boosting bullish belief in the meme coin. This came at a time when the token was trading at the $0.0004 demand zone.
In the past few days, possibly buoyed by Bitcoin’s [BTC] surge to $110.5k, Neiro advanced past local resistance levels around $0.00048.
Sustained Neiro demand would be crucial for continued gains
Source: NEIRO/USDT on TradingView
Neiro regained its bullish momentum, evidenced by the RSI’s move back above the neutral 50 mark. The 61.8% Fibonacci retracement level was tested as support on the 6th of June, and NEIRO bulls responded well.
The 20 and 50-day moving averages also indicated a bullish bias on the 1-day timeframe. Crucially, the 50 DMA coincided with the 61.8% level at $0.000393, making the bullish reaction more meaningful.
Since that retest, the meme coin was up by 31% in three days. NEIRO also managed to climb above the local resistance at $0.00047, which had been an obstacle last week.
Now that the price was above the 20 DMA, further gains appeared even more likely. The OBV, which did not sink deeply over the past month, has begun to move higher.
Another uptrend on the OBV, which has not yet materialized, will signal steady buying volume behind Neiro.
Source: NEIRO/USDT on TradingView
The 2-hour chart showed firm bullish conviction in the short-term. The $0.000487 resistance had been a resistance from late May, and the bulls breached it in the past few hours. The OBV shot higher over the past couple of days.
The RSI was at 80, which signaled the market might be overextended. This could see a minor price dip, potentially a retest of the $0.000487 support. If such a dip occurs, traders can look to enter long positions on the meme coin.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
