NEIRO, a rising meme coin competitor to SHIB, has recently reached a new all-time high, catapulting it into the top 100 cryptocurrencies by market cap.
Currently trading at $0.00200118, NEIRO has displayed bullish momentum as whale activity drives its price higher.
Over the last three days, whale investors have accumulated more than 29.1 million NEIRO tokens, signalling strong institutional interest.
This accumulation has contributed to the coin’s significant upward price movement, positioning it for further gains if key resistance levels are broken.
NEIRO is forming a rising wedge pattern, suggesting that while the bullish trend remains intact, there may be consolidation or a pullback in the short term. Immediate resistance is seen at $0.00220188, where the price recently hit a peak before slightly retracing.
If the price breaks above this level, the next resistance points are $0.00240693 and $0.00266475, offering potential targets for a continued rally.
However, failure to maintain momentum at current levels may lead to a retracement. There is immediate support at $0.00172226, followed by $0.00166388 and $0.00154557.
Whale Accumulation Boosts NEIRO’s Price Action
Whale activity has been a driving force behind NEIRO’s recent price surge. Prominent holders like GSRMarkets have accumulated a significant amount of NEIRO, with GSRMarkets alone accumulating 15 million NEIRO tokens, raising their holdings from $939,000 to $1.17 million.
The price of $NEIRO (@NeiroOnEthereum) soared over 38% today!
Let’s see who joined the $NEIRO game in the last 3 days before the pump:
1/ #GSRMarkets accumulated 15M $NEIRO (was $939K, now $1.17M) 3 days ago.
2/ bwecapital.eth (@Vida_BWE) withdrew 4.065M $NEIRO ($298K) from… pic.twitter.com/ksSWDOzulB— Spot On Chain (@spotonchain) October 11, 2024
Additionally, addresses like 0xa1d and 0x00d have made notable purchases, further demonstrating strong confidence in NEIRO’s potential.
Over the past nine hours, bwecapital.eth withdrew 4.065 million NEIRO, worth approximately $298,000, from the Bybit exchange, signalling ongoing accumulation by large holders.
These large-scale purchases indicate that institutional and whale investors see long-term potential in NEIRO, particularly as the token gains more recognition in the market.
The strong whale interest has provided a solid foundation for NEIRO’s price rally and will likely fuel further growth in the coming weeks.
NEIRO Technical Outlook; Signal Potential Consolidation
From a technical standpoint, NEIRO is currently facing a slight retracement after reaching a new high. The 50-day Exponential Moving Average (EMA) is positioned at $0.00166388, providing solid support.
Should the price test this level, it will be crucial for bulls to defend it to maintain the uptrend.
The Relative Strength Index (RSI) currently stands at 63.70, indicating that NEIRO is approaching overbought conditions. While there is room for further upside, traders should be cautious of a potential short-term correction.
If the RSI continues to climb above 70, it may signal a need for consolidation before another leg higher.
Conclusion: Potential for Further Upside, But Caution Ahead
NEIRO’s recent rise has been impressive, with strong whale activity pushing the price to new highs. While there is potential for further gains, particularly if the price can break through the immediate resistance at $0.00220188, traders should remain cautious of a potential retracement.
The rising wedge pattern and the RSI approaching overbought conditions suggest consolidation may occur before NEIRO resumes its upward trajectory.
As long as NEIRO can hold its support levels, particularly at $0.00166388 and the 50 EMA, the bullish trend should remain intact. If these support levels are breached, however, a deeper correction could occur.
Whale accumulation, coupled with NEIRO’s growing popularity, suggests that this token could be poised for significant growth in the mid- to long term.
Key Takeaways:
- Whale Accumulation: Over 29.1 million NEIRO tokens have been accumulated by whales in the past three days, signaling strong investor confidence.
- Technical Indicators: NEIRO shows potential for further gains but may face short-term consolidation due to an overbought RSI and a rising wedge pattern.
- Price Levels: Key resistance at $0.00220188 could trigger another rally, while support at $0.00166388 is crucial for maintaining the current uptrend.
NEIRO’s trajectory will largely depend on breaking key resistance levels while maintaining whale interest, the main catalyst behind its recent price surge.
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