Whale Swaps Billions of PEPE for NEIRO, What’s Next?

Amid the ongoing price reversal across the cryptocurrency market, whales shifted their focus to the First Neiro On Ethereum (NEIRO). On October 7, 2024, blockchain transactions tracker Spotonchain made a post on X (previously Twitter) highlighting that NEIRO’s largest holder made a big move as he purchased over 1.466 billion of NEIRO tokens worth $1.8 million.

NEIRO Whale Recent Activity

To accumulate this significant NEIRO, the whale has swapped over 190 billion of PEPE along with six Ethereum (ETH). It appears that the whale has made a notable profit by trading this newly listed meme token.

According to the data, between August 15, and September 26, 2024, this whale has traded NEIRO token three times and made a profit of over $825,000 with a win rate of 66.7%. However, with the recent purchase, the whale is currently making over $334,000, as NEIRO has soared significantly. 

Current Price Momentum 

At press time, NEIRO is trading near $0.001516 and has experienced a notable price surge of over 50% in the past 24 hours. During the same period, trader and investor participation has been steadily increasing with trading volume jumping by 405%, indicating positive sentiment among crypto enthusiasts. 

NEIRO Technical Analysis and Upcoming Level

According to expert technical analysis, NEIRO appears super bullish and is poised for another major rally in the coming days. It recently broke out of a bullish flag and pole price action pattern and soared more than 65% in the past two days.

Based on data and historical price momentum, there is a strong possibility that NEIRO could jump another 50% to reach the $0.00233 level in the coming days.

Bullish On-Chain Metrics 

This bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, NEIRO’s long/short ratio currently stands at 1.11, indicating a bullish market sentiment among traders.

Additionally, NEIRO’s future open interest has skyrocketed by 135% in the past 24 hours, signaling growing interest from traders and hinting at the formation of notable long positions during this period. Currently, 52.62% of top traders hold long positions, while 47.38% hold short positions.

Combining all these technical analyses and positive on-chain metrics, it appears that bulls are currently dominating the asset, which could lead to a further price surge in the coming days.