Neiro looks to sustain momentum following 856% spike on Binance listing

“First Neiro on Ethereum,” an Ethereum-based meme coin, is looking to sustain the bullish momentum it recorded following the Binance listing announcement. 

On Sept. 16, Binance announced that it would list Neiro (NEIRO) alongside two other assets in its spot trading platform. The listing sent the meme coin’s price surging, culminating in a massive 856% intraday gain yesterday.

Notably, the crypto asset touched an all-time high of $0.00044012 on Sept. 16 before facing a roadblock in its uptrend. Despite this slight resistance which pared some gains, it managed to stay in positive territory. 

NEIRO is now up 22.69% over the past 24 hours and is trading at $0.00040359 at the reporting time. The meme coin’s market cap has skyrocketed 748% in the last seven days alongside its price, currently at $166.76 million, with a 24-hour volume of $424.8 million.

Neiro is currently sitting above its upper Bollinger Band at $0.00028659. This position suggests a strong upward momentum but also indicates that the asset is in an overbought territory, which can signal a potential pullback or price correction.

However, market enthusiasm can sometimes sustain an overbought condition for longer periods. The current major resistance is now hovering at $0.0004401. If the meme coin maintains its momentum, further upward movement to these levels could be possible.

The Relative Strength Index at 84.63 is well above the overbought threshold of 70. Typically, such a high RSI value could indicate that the asset might soon face downward pressure as traders might start taking profits.

On the downside, the critical pivot point is at $0.00015806, which would act as immediate support in case of any price drops. A break below this level could lead to a test of the far lower support at $0.00001442.