A day’s worth of unexpected shakeups in the meme coin arena sees Neiro (NEIRO) take up the mantle of top gainer as it posts gains amongst other meme coins.
In the same period as the price of Neiro soared above 20%, the cost of meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), and Bonk (BONK) dropped between 1 and 4%.
Interesting trend in the dog memecoin space. 🐶
While $NEIRO is up 24% in the last 24 hours, $DOGE, $WIF, $SHIB, and $BONK are all down 1%-4%. pic.twitter.com/obBg28bDIe
— Satoshi Club (@esatoshiclub) November 7, 2024
Neiro, priced at around $0.002123 as of press time, has seen its valuation spike a massive 17% in a single day as the community hooks up with rising investor interest. 24-hour trading volume has also increased with a 12.42% rise from $925.05 million.
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With a market capitalization of $893.07 million, the Neiro token is gaining disproportionate attention from meme coin fans and traders alike, with a 17.04% increase over the same period.
However, the performance of other meme coins is in stark contrast with its bullish momentum. The price of Dogecoin, with the most significant market cap among the meme coins, fell by 4.3% over the past 24 hours and is now at $0.1917 per coin.
Further, Shiba Inu has had a mild drop of 0.7%, at $0.00001866. The trend isn’t limited to just larger meme coins.
Meme coins such as Dogwifhat (WIF) and Bonk (BONK) were not spared either. Losses were seen in their respective prices.
Technical Analysis: Neiro’s Bullish Momentum
Looking underneath the hood at Neiro’s technical chart shows the bullish momentum driving the recent price rise. Neiro’s price trend in a 4-hour time frame is generally aggressive upward, pushing past solid resistance levels.
Neiro’s price recently rallied, hitting a resistance zone in the area of $0.002134. This indicated that if this level is broken and held, it may continue skyward in the short term.
Few pullbacks and an upward trajectory reveal that the demand for buyers is steady. Neiro volume-to-market cap ratio of 103.03% offers a further robust case. For high trading volume compared to market cap is indicative of strong investor interest.
The technical outlook and the intense 24-hour gains puts Neiro at the top of the meme coin sector in this performance cycle. The recent Neiro price rally is more than a passing one.
Theoretically, if the coin moves up and above the $0.002134 resistance, it could be a life-saving move, allowing the coin to continue gaining during this rise toward a first-time untested mark. As long as trading volume stays like this, Neiro’s bullish trend will probably continue.
