- Neiro coin rallied nearly 50% in 24 hours.
- A whale jumped on the trend while early investors cashed out.
As an experienced crypto investor with a knack for spotting trends and reading market signals, I’ve seen my fair share of rollercoaster rides in this digital jungle. The recent surge of Neiro [NEIRO] was a wild ride that caught my attention, much like a cheetah charging across the savannah.
Neiro [NEIRO] jumped 49% in 24 hours as memecoins began the week with an explosive recovery. The rally followed Bitcoin [BTC] upswing towards $64K, triggering a relief rally in the markets.
Moreover, the rapid growth of NEIRO was fueled not only by general market trends but also significant whale activities. As reported by the blockchain analytics platform SpotOnChain, a large whale purchased approximately 1.466 billion NEIRO tokens worth around $1.8 million during the rally.
During the recent timeframe, “rektdolphin.eth” has emerged as the largest buyer of $NEIRO tokens, exchanging a combined total of approximately 190.5 billion $PEPE and 6 Ether for 1,466,000,000 $NEIRO ($1.8 million) roughly 4 hours ago. This transaction has resulted in a profit of around $334,000, representing an increase of approximately 19%.
Afterward, another early whale trader closed its NEIRO position with a whopping +10,055% profit.
What’s next for NEIRO?
The recent rally was fronted from the 38.2% Fib level on the price charts. Trading volume jumped triple-digit in the past few hours, underscored by the rising OBV (on-balance volume).
Nevertheless, the indicator reached a high point close to its latest resistance level of approximately 997 billion. If On-Balance Volume (OBV) doesn’t manage to surpass this resistance, there might be a chance for a pullback in the ongoing rally.
On shorter duration graphs, the Relative Strength Index (RSI) indicated an overbought state, adding strength to the possibility of a price drop, particularly if selling due to profits became more prevalent.
If so, 23.6% ($0.00119) and 38.2% (0.0009) Fib levels were crucial to watch in the short term.
Instead, an extended surge might cause the NEIRO to dip down to $0.002, particularly if Bitcoin increases significantly.
Key levels to track
Based on the findings from the liquidation groups, there were areas with ample liquidity found at approximately $0.0014 and again beneath $0.0012 (at the 23.6% Fibonacci level).
These were long positions that, if triggered, could cause a rush for liquidity, potentially causing the NEIRO price to drop initially, followed by a subsequent recovery.
Read Neiro’s [NEIRO] Price Prediction 2024–2025
To put it simply, as I write this, the derivatives market is showing a significant surge in large investors’ involvement, but there seems to be no clear trend yet. The volume and Open Interest (OI) have skyrocketed, suggesting a high level of market activity.
In the last four hours leading up to the current report, both long and short positions were largely liquidated, suggesting a lack of clear market movement. As a result, it’s advisable to exercise caution when making short-term trades due to this uncertainty.
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2024-10-08 01:11