Date: Mon, Oct 28, 2024, 05:28 AM GMT
The memecoin market is shining up again, and Neiro Ethereum (NEIRO) is leading the charge with a strong rally of over 45% in the past 24 hours. After a dip in its weekly performance, NEIRO has staged an impressive comeback.
Let’s dive into the current price action, whale accumulation, and technical analysis to determine if further gains might be on the horizon.
Breakout Leads the Rally
NEIRO’s recent price breakout [B] is a key factor in its recent surge. After a period of consolidation within a descending wedge, NEIRO managed to break out with strong bullish momentum, which has spurred significant buying interest and a push through critical resistance levels.
As illustrated in the 4-hour chart, NEIRO has broken above the key resistance zone marked as R around the $0.10 level. This breakout occurred with high volume, indicating solid buying pressure. Following this breakout, there’s a possibility for NEIRO to reach the next target level, T, around $0.14.
The current support level (S) has established a base around $0.06, which helped launch the recent rally. This level is expected to act as a solid support zone in case of a pullback.
The RSI (Relative Strength Index) also sits in the overbought region, currently around 77.5, suggesting that the rally may encounter a brief consolidation or slight retracement before further upward movement. However, with consistent volume, NEIRO has the potential to maintain its bullish momentum.
Whale Accumulation
Notably, the breakout has attracted the attention of whales. According to Lookonchain reports, two new wallets have accumulated large amounts of NEIRO in the past day:
- Wallet “0xec6b”: This wallet, withdrew 230.4 ETH (approximately $575,000) from OKX to purchase 8.23 million NEIRO.
- Wallet “0xd753”: Another new wallet, which withdrew 5.41 million NEIRO (worth around $453,000) from Gate.io.
The presence of whale buyers reinforces bullish sentiment and could support further price gains if these large holders continue to accumulate.
More Gains Ahead?
The combination of the technical breakout, strong support levels, and whale accumulation indicates a positive outlook for NEIRO. If NEIRO holds above the current resistance zone around $0.10, it could pave the way for further gains, with $0.14 as the next target level.
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