Date: Sat, Nov 02, 2024, 06:16 AM GMT
In today’s cryptocurrency market, memecoins are stealing the spotlight, with Neiro Ethereum (NEIRO) leading the way. Over the past 24 hours, NEIRO surged by 24%, making a quick recovery to a current price of $0.09452 after an earlier dip two days ago.
The drop came as rival First Neiro on Ethereum (NEIRO) was selected for a spot listing on Coinbase’s international exchange, briefly shifting market focus. However, NEIRO’s rally appears to be regaining momentum, fueled by strong whale interest.
Whale Interest Sparks NEIRO’s Rally
One key driver behind NEIRO’s impressive rally is the growing interest from crypto whales. According to Spotonchain, a well-known smart meme trader recently accumulated NEIRO tokens for the first time. Whale wallet 0x944 made a significant move by withdrawing 8.02 million NEIRO tokens (worth approximately $782.74K) from Bitget just 6 hours ago.
This whale, known for profiting from other memecoins like WOJAK and TURBO, has now turned their attention to NEIRO, signaling strong confidence in its potential.
Eyes on a Major Breakout: Technical Analysis
Looking at NEIRO’s recent price action, a potential breakout seems to be forming. As shown in the 4-hour chart, NEIRO has been trading within a symmetrical triangle pattern, characterized by lower highs and higher lows, gradually consolidating over the past few weeks. This pattern often precedes a breakout, which could push prices in either direction.
Key resistance is currently near $0.0952, and a break above this level could trigger a significant rally, with upside targets around $0.14 and $0.20 based on previous price action and Fibonacci extensions. However, if NEIRO fails to hold support near $0.09, it may re-test lower support levels around $0.08.
Adding to the bullish outlook, the Relative Strength Index (RSI) recently crossed above 50, suggesting momentum is shifting in favor of buyers. Trading volume has also spiked, indicating strong interest, which often aligns with price breakouts.
With whale accumulation adding to NEIRO’s bullish sentiment, traders are watching closely for a possible breakout. If the current pattern plays out, NEIRO could see further gains in the days ahead.
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