Can NEIRO break past $0.0031? Insights into its bullish phase

• Neiro surged by 30.29% in seven days.
• Market fundamentals suggest the memecoin is experiencing a strong upward momentum.

Over the last weeks, the cryptocurrency market has experienced a strong uptrend with memecoins seeing an explosive upsurge.

Amidst this memecoin rally, Neiro coin [NEIRO] was not left behind. As such, Neiro has seen a nice upswing reaching a new ATH over the past week.

In fact, at press time, Neiro was trading at $0.002664, up 12.06% over the past 24hours. Also, the memecoin has seen significant gains on weekly and monthly charts hiking by 30.29% and 26.91%, respectively.

Although Neiro is experiencing an uptrend, it currently sits 15% below its ATH high reached two days ago. That raises the questions whether the uptrend is really sustainable and if so, how far can it go.

What Neiro charts say

According to AMBCrypto’s analysis, Neiro is experiencing increased buyer interest with a strong upward momentum.

Buyers have taken the opportunity to buy the dip when the memecoin dropped to $0.0022 after reaching an ATH days ago.

Source: Tradingview

This was evidenced by the fact that Neiro’s Relative Strength Index (RSI) has hiked from 63 to 67 in 24 hours. When RSI increases it indicates that buyers are in control with a higher buying pressure than selling pressure.

The momentum shift usually signals growing interest in the memecoin and a positive trend, which was further illustrated by a bullish MACD.

With the MACD line sitting above its Signal line, it suggests that Neiro is experiencing a strong uptrend with the memecoin currently in a bullish phase.

Source: Santiment

Looking further, Neiro’s Exchange flow balance has declined over the past month. This has dropped from a high of 1.23 billion Neiro tokens to 7.04 million. This marked a 99.43% decline.

The decline implies that fewer tokens are entering the exchanges which reduces selling pressure. Equally, the decline suggests that investors are actively holding their assets, keeping them in cold wallets.

Source: Santiment

Finally, this bullish market sentiment was further evidenced by the fact that Neiro’s Total amount of holders has increased to 19.8k. A surge in total holders suggests increased adoption and interest.

An increase in addresses reflects new retail or institutional interest which supports long-term growth.

Simply put, the memecoin is currently experiencing a strong upward momentum and buyers are in control.

Read Neiro’s [NEIRO] Price Prediction 2024–2025

With bulls in total control of the market, their buying pressure could set the memecoin for further price gains.

Therefore, these conditions are favoring Neiro to see more gains and if they hold, Neiro will attempt a $0.0031 resistance level. A break out from here could see the memecoin hit a new ATH.