The Neiro Ethereum price surged 10% in the last 24 hours to trade at $0.1894 as of 00:40 a.m. EST on trading volume that rose 5% to $42 million.
The Neiro price has gone ballistic, surging 1,169% in a week, according to data from GeckoTerminal.
The pump follows a flood of Neiro meme coin launches since the owner of Kabosu, the late Shiba Inu canine who birthed the Dogecoin meme coin, announced the adoption of a new Shiba Inu dog called Neiro.
The pump continues despite a warning that the token could be a honeypot.
And it comes despite confusion over which Neiro is which after the deluge of new, would-be Shiba Inus launched.
The late Shiba Inu dog Kabosu that birthed Dogecoin passed away in May, but its Japanese owner announced on July 27 a “new family member,” leading to the influx of Neiro tokens.
Could NEIRO soar to emulate the success of its counterparts, Dogecoin and Shiba Inu?
Neiro Ethereum Price To Continue Surging
The Neiro Ethereum price has been in a tear since its launch, trading within a rising channel pattern, forming higher lows and higher highs.
NEIRO trades above the 50-day Simple Moving Average (SMA), which indicates some positive momentum.
Moreover, the Relative Strength Index (RSI) has corrected from the overbought zone at 70, dropping slightly above the midline level at 55, but seems to be soaring. This indicates that buyers are actively buying the asset.
Neiro Ethereum price Chart Analysis Source: GeckoTerminal.com
Based on the price of Neiro Ethereum analysis on the 1-hour chart, the bulls aim to sustain the bullish stance above the rising channel, as they capitalize on the RSI to buy more. If the buying continues, NEIRO could soar above the channel, as the bulls target $0.30.
However, if the bears take control of the price at this level, NEIRO could plunge to the support zone around $0.1253, which now acts as a cushion against downward pressure.
