The daily chart of Neiro on Ethereum (NEIRO) showed a downtrend followed by signs of a potential reversal. The price of NEIRO coin has been constantly falling below the resistance marked by the descending trend line.
As the market found a bottom, NEIRO began to consolidate, forming a base around $0.00094000 highlighted by several touches at this level, indicating strong support.
The RSI at 34.85 has approached the oversold threshold, suggesting selling pressure may be exhausting.
At the same time, the MACD was below the signal line. It hinted at an upcoming buying momentum with its trajectory targeting a bullish crossover.
This setup suggested that if NEIRO coin breaks the resistance line and holds above this mark, especially around $0.0011400, it could confirm a bullish reversal.
If NEIRO climbs from this breakout point and maintains its upward momentum, a 220% rally could be possible in line with historical recoveries, potentially setting new ATHs above the current high seen during the previous cycle.
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This is supported by the increase in volume and the MACD moving into positive territory, indicating the strength of the uptrend, which, if confirmed, indicates a buying opportunity, with an eye on gains.
NEIRO coin funding rates
Funding rates for Neiro on Ethereum on crypto exchanges showed the highest positive funding rate of 22.93%.
This indicator suggested significant growth among traders, which often preceded price spikes due to increased long positions.
Historically, this data is consistent with the hypothesis that extremely positive funding rates can lead to price pullbacks.
However, given the current market dynamics and NEIRO’s strong funding rate, the scenario could change. If Neiro coin maintains this level of interest, it could catalyze a significant increase in price.
The funding rate trend and momentum amid volatile price movements could predict an imminent rally.
Assuming NEIRO breaks the prevailing downtrend line and holds, based on past patterns, a potential upside of 220% could be expected. This relies on continued trader optimism and market conditions that favor maintaining high leverage and growth bets.
Fastest Growing Animal Meme Coins
Further analysis showed the explosive growth rates of various animal-themed memecoins in their race for a $1 billion market cap.
It is particularly noteworthy that NEIRO reached this financial milestone in just 104 days, surpassing many of its peers. This rapid rise highlighted NEIRO’s significant market influence and investor enthusiasm.
Peanut the Squirrel (PNUT) set a record by reaching the $1 billion mark in just 11 days, the trend of rapid valuations was clear.
PEPE and BRETT followed, achieving it in 19 and 28 days respectively. These figures indicate a lively interest in animal memecoins within the cryptocurrency community.
NEIRO’s relatively faster journey to $1 billion compared to later entries such as MEW (214 days), POPCAT (284 days) and BONK (722 days) suggests strong market acceptance and a strong initial bullish phase.
This rapid rise was indicative of NEIRO’s potential trajectory beyond its current ATH. The significant market capitalization implied not only a temporary spike, but potentially sustained interest that could push NEIRO coin far from previous highs.
The rapid growth in market cap suggests that Neiro on Ethereum could witness further significant gains. If this trend of aggressive growth among memecoins continues, NEIRO could lead the pack in future gains, potentially reaching unprecedented price levels.
