Following a severe 45% decline prompted by actions from Binance, Neiro Ethereum (NEIRO) is experiencing an impressive rebound. The meme token has rallied by an astonishing 51% within the last 24 hours, outperforming the wider meme cryptocurrency market.
With renewed interest in NEIRO, it appears the meme token is set to continue its upward momentum.
Neiro Ethereum Makes Its Comeback
According to BeinCrypto, NEIRO suffered a drastic 45% price drop on Monday after Binance introduced a different token sharing the same NEIRO ticker in its spot and futures trading markets.
However, the overall market’s favorable sentiment in the past 24 hours, spurred by a rate cut from the US Federal Reserve, initiated a robust recovery for NEIRO. At the time of this report, the altcoin is priced at $0.11, reflecting a 51% increase, alongside a trading volume increase of 53%, reaching $93 million.
This surge has considerably enhanced the volume of profitable NEIRO transactions. Data from Santiment indicates the ratio of transaction volume in profit to that at a loss currently stands at 3.66, marking the highest level since the token’s launch in July. This suggests that for every losing transaction today, there are 3.66 that were profitable.
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NEIRO traders are optimistic, with the altcoin’s funding rate at 0.01%, suggesting a greater appetite for long positions among futures market players.
NEIRO Price Prediction: Higher Demand May Push Token To $0.17
NEIRO’s Relative Strength Index (RSI) on the four-hour chart indicates the increasing accumulation of the altcoin. With a reading of 59.07, this momentum indicator suggests that market conditions favor buying over selling.
Should the buying pressure remain steady, NEIRO’s upward trajectory could continue, with the possibility of an additional 46% increase to reach $0.17.
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Nevertheless, should selling pressures increase, this optimistic outlook could be challenged, resulting in NEIRO’s price potentially falling to $0.06.
Disclaimer
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