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Neiro, a viral meme coin, has continued its impressive upward trajectory, rallying for the third consecutive day and reaching a record high of $0.001875. This marks an astonishing increase of over 7,000% from its lowest point in September.
The surge has been accompanied by robust trading activity, with 24-hour trading volume exceeding $1.13 billion, primarily driven by platforms like Binance, followed by Gate.io and Bitget. Additionally, the futures market has seen a significant increase in open interest, hitting a record high of $175 million, a sharp rise from $50 million earlier in the week.
Neiro’s market capitalization has now surpassed $742 million, positioning it just 38% away from the coveted $1 billion mark. Should it reach this milestone, Neiro will join Popcat (POPCAT), a meme coin on the Solana blockchain that recently crossed the $1 billion valuation.
In terms of market positioning, Neiro’s valuation exceeds those of established companies like Groupon, Nikola, and Sleep Number, and it has outperformed other popular meme coins, including Baby Doge Coin and Book of Meme.
Interestingly, Neiro’s rally occurred on a day when Bitcoin and many altcoins experienced declines, with Bitcoin falling to $62,500 and Ethereum and others retreating by more than 2%. This resilience highlights the strength of meme coins in the current market, with the combined market cap of all meme tokens tracked by CoinGecko exceeding $53 billion. While Dogecoin and Shiba Inu remain the largest players, newer tokens like Neiro and Popcat are rapidly climbing the ranks.
Neiro could retest $0.00137
Neiro’s recent price action has been notable, as it broke through the significant resistance level at $0.001375, which was its highest swing from September 25. This breakout effectively invalidated the double-top chart pattern that was forming, signaling strong bullish momentum.
However, technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator are currently in overbought territory. This suggests that a short-term pullback could be likely. A retreat to retest the $0.001375 support level would not be unusual, as it could provide a solid foundation for the token to resume its upward trajectory. If it successfully holds above this support, it may set the stage for further gains in the bullish trend.
