After a brutal 45% drop due to Binance’s actions, Neiro Ethereum (NEIRO) is making a remarkable recovery. The meme coin has surged 51% in the past 24 hours, outperforming the broader meme market.
With the strong recovery in demand for NEIRO, this Meme Coin looks set to continue its rise.
Neiro Ethereum Returns
According to BeinCrypto, NEIRO fell 45% on Monday after Binance listed another Token with the same symbol NEIRO on its trading and Futures Contract markets.
However, the positive market sentiment over the past 24 hours, fueled by the US Federal Reserve’s interest rate cut, has sparked a strong recovery for NEIRO. At the time of writing, the altcoin is trading at $0.11, up 51%, with volume up 53% to $93 million.
This surge has boosted the number of profitable NEIRO trades. According to Santiment data, the current profitable to losing volume ratio is 3.66, the highest since the Token launched in July. This means that for every losing trade, there are now 3.66 profitable trades.
NEIRO traders remain bullish, with the altcoin’s funding rate at 0.01%, indicating increased demand for long positions in the Futures Contract market.
NEIRO Price Prediction: Rising Demand Could Push Price Up to USD 0.17
NEIRO’s Relative Strength Index (RSI) on the four-hour chart confirms the altcoin’s growing consolidation. At 59.07, the indicator suggests that market conditions are more in favor of buying than selling.
If the buying pressure continues, NEIRO's uptrend could sustain, with the potential to rise another 46% and reach USD 0.17.
However, if selling pressure increases, this optimistic prediction will be invalidated, potentially dragging NEIRO price down to USD 0.06.
