Neiro Ethereum rebounds 51%, eyes $0.17 after Fed rate cut

Full story: https://grafa.com/news/cryptocurrencies-neiro-ethereum-rebounds-51---eyes--0-17-after-fed-rate-cut-276993

Neiro Ethereum (CRYPTO:NEIRO) has seen a notable recovery, rebounding 51% after a sharp 45% decline earlier in the week. 

This drop was triggered when Binance listed a different token with the same ticker, leading to confusion among traders. 

Based on positive market sentiment, fueled by the recent 50 basis points interest rate cut by the US Federal Reserve, NEIRO’s price surged and is currently trading at $0.1003. 

The trading volume also spiked by 53%, reaching $93 million. 

According to Santiment data, the ratio of profitable transactions for NEIRO has improved significantly, with the profit-to-loss ratio standing at 3.66. 

This means that for every transaction at a loss, 3.66 transactions are generating profit. 

The meme coin’s strong rebound has led to increased interest, especially in long positions in the futures market. 

NEIRO’s funding rate is currently at 0.01%, which reflects heightened demand among futures traders. 

The Relative Strength Index (RSI), a key indicator of market momentum, stands at 59.07 on the four-hour chart. 

Based on this, market conditions are tilting toward buying rather than selling. 

This suggests that if the buying pressure continues, NEIRO could see its price rise another 46%, potentially reaching $0.17. 

However, the market’s volatility remains a concern. 

If the momentum shifts and selloffs intensify, NEIRO’s price could drop to $0.06, which would invalidate the current bullish outlook. 

According to analysts, the token’s price movements should be monitored closely, as sudden market shifts can impact the overall trajectory. 

At press time, the NEIRO price was $0.1003.