Whale Activity Boosts NEIRO as it Targets $1B Cap and $0.003

Will a bullish breakout rally in the “First NEIRO on Ethereum” token sustain above $0.0020 to hit the $1 billion market cap this week?

With a bullish recovery gaining momentum, the NEIRO token has increased by 2.02% in the past 24 hours. Despite a slow Sunday, the meme token has increased by 42.16% in the past seven days and has a market cap of $855 million. 

As the meme coin approaches the $1 billion market cap, it is currently trading at $0.002033. Can this bullish trend propel the token to $0.0030 and achieve a market capitalization of $1 billion?

NEIRO Price Analysis

In the 4-hour chart, the NEIRO token has broken above a consolidation range that formed a bullish flag pattern. The range extended from $0.0015 to a resistance trendline near $0.001869. 

The meme coin registered a flag pattern breakout with a recovery rally on Friday and Saturday, accounting for a price jump of 38.21% from $0.001561 to $0.002158. However, the breakout rally soon started to lose momentum, resulting in a retest of the 20-EMA in the 4-hour chart. 

NEIRO Price ChartNEIRO Price Chart
NEIRO Price Chart

 

Currently, NEIRO’s short-term price action reveals a minor pullback phase leading to a consolidation phase near the $0.0020 psychological mark. However, the bullish trend will likely continue as the whale activity increases. 

The technical indicators support the bullish trend ahead with a positive alignment of 20, 50, 100, and 200 EMA in the 4-hour chart, providing dynamic support. Meanwhile, the cooldown phase in the 4-hour RSI line drops below the overbought territory but sustains above the 50% line.

NEIRO Whale Activity Surges 

In a recent snapshot of all the whale activities by SpotOnChain, buying activity suggests a potential bull run ahead. Among the most optimistic whales, the GSR Market is notably bullish on NEIRO, holding 40.4 million NEIRO tokens, which accounts for nearly 4.04% of the total supply.

Adding to the bullish sentiment, a savvy trader with wallet address 0xE9F sold $1 million worth of OM and ATH tokens to acquire 8.45 million First NEIRO on Ethereum tokens.

Additionally, Vida BWE of bwecapital.eth has accumulated 4.065 million tokens, nearly 0.4% of the circulating supply. However, some whales are exiting trades, whether due to losses or profit-taking.

For example, a Shiba Inu whale that profited $145 million from SHIB sold 17.5 million NEIRO tokens at a loss of nearly $1.5 million. Meanwhile, another whale with wallet address 0x00D has deposited 4.7 million NEIRO tokens worth approximately $531,000 on Bybit, realizing a profit of $247,000.

Is $0.0030 A Potential Target for NEIRO?

With bullish whale activity signaling an uptrend, the trend-based Fibonacci levels on the 4-hour chart indicate crucial resistance levels at the 78.60% and 100% Fibonacci levels, positioned at $0.0022997 and $0.00250097, respectively. If the broader market recovers, an optimistic target of the 161.80% Fibonacci level at $0.00308142 could be attainable.

On the flip side, the potential supports are at $0.00192052 and $0.00178339. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Source: https://thecryptobasic.com/2024/10/14/whale-activity-boosts-neiro-as-it-targets-1b-cap-and-0-003/?utm_source=rss&utm_medium=rss&utm_campaign=whale-activity-boosts-neiro-as-it-targets-1b-cap-and-0-003