Neiro (NEIRO), a meme cryptocurrency, hit a new all-time high of $0.001494 earlier today. The asset is up by 51.4% in the daily charts, 42.7% in the weekly charts, 25.5% in the 14-day charts, and 2384.6% over the previous month.
The meme coin is among the best-performing crypto assets right now. While the rally is incredible, the dog-themed meme coin’s price has dipped 1.9% since its peak earlier today.
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Why Are Meme Cryptocurrencies Rallying?
Popcat Also Hits All-Time High
Apart from Neiro, Popcat (POCAT), a Solana-based meme coin, also hit a new all-time high today. Memecoins are likely following the general cryptocurrency market resurgence after positive jobs data revelation on Friday. Investor sentiment may have spiked over the last weekend.
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October’s Bullish Trend
October is usually a bullish month for the cryptocurrency market. The trend seems to be intact for 2024 as well. There is also a possibility of an additional 25 basis point interest rate cut from the Federal Reserve in November. The development may have led to investors taking on more risks.
Will Neiro Continue Its Rally?
While Neiro’s rally is incredible, the dog-themed meme cryptocurrency’s price has dipped 1.9% from its peak earlier today. If the market bullishness continues, the meme coin’s price might continue to rise. On the other hand, if Bitcoin (BTC) faces a correction, Neiro may follow suit as well.
Analysts’ Predictions
According to the analysts at CoinCodex, NEIRO will continue to rally over the next few weeks. The platform anticipates the cryptocurrency to breach the $).004 mark later this month, hitting $0.004058 on Oct. 29, 2024. Reaching $0.004058 from current levels will translate to a rally of about 176.8%.
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There is also a possibility that the memecoin will face a correction over the next few days. Geopolitical tensions in the Middle East may lead to investors becoming weary about risky assets, especially memecoins.
