Neiro, a viral meme coin, rallied for the third consecutive day, reaching a record high of $0.001875.

Neiro (NEIRO) has soared by over 7,000% from its lowest level in September.

This surge occurred in a high-volume environment, with 24-hour trading volume rising to over $1.13 billion. Most of this volume was concentrated on Binance, followed by Gate.io and Bitget.

The rally also coincided with a jump in futures open interest. According to CoinGlass, open interest in the futures market hit a record high of $175 million, up from this week’s low of $50 million.

Neiro’s market cap has surged to over $742 million, meaning it needs to rise by about 38% from its current level to reach $1 billion. If this happens, it will join Popcat (POPCAT), a Solana (SOL) meme coin whose valuation crossed the $1 billion mark this week.

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Neiro’s valuation makes it larger than other well-known companies like Groupon, Nikola, and Sleep Number. It has also surpassed other popular meme coins such as Baby Doge Coin and Book of Meme.

Neiro’s rally happened in a day when Bitcoin and most altcoins were in the red. Bitcoin (BTC) dropped to $62,500 while most coins like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) retreated by over 2%. 

Meme coins have been some of the best-performing cryptocurrencies this year. All meme tokens tracked by CoinGecko now have a combined market cap of over $53 billion. While Dogecoin and Shiba Inu remain the biggest, newer tokens have climbed the ranks in recent months.

Popcat, launched in December, has grown into a $1 billion token, and Brett, a meme coin on Base Blockchain, has reached a valuation of $884 million.

Neiro could retest $0.00137

NEIRO chart by TradingView

On the daily chart, Neiro rose and broke through the important resistance point at $0.001375, its highest swing on September 25. By surpassing that level, the token invalidated the double-top chart pattern that was forming.

The Relative Strength Index and the Stochastic Oscillator have moved to overbought levels. Therefore, the most likely scenario is that it retreats to retest the support at $0.001375 before resuming its bullish trend.

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Neiro meme coin is firing on all cylinders; nears $1b market cap
neiro-meme-coin-is-firing-on-all-cylinders-nears-1b-market-cap
By Crispus Nyaga
October 8, 2024 at 3:01 pm
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Edited by Jayson Derrick
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Neiro meme coin is firing on all cylinders; nears $1b market cap
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Neiro, a viral meme coin, rallied for the third consecutive day, reaching a record high of $0.001875.

Neiro Neiro
neiro
11.79%
Neiro has soared by over 7,000% from its lowest level in September.

This surge occurred in a high-volume environment, with 24-hour trading volume rising to over $1.13 billion. Most of this volume was concentrated on Binance, followed by Gate.io and Bitget.

The rally also coincided with a jump in futures open interest. According to CoinGlass, open interest in the futures market hit a record high of $175 million, up from this week’s low of $50 million.

Neiro’s market cap has surged to over $742 million, meaning it needs to rise by about 38% from its current level to reach $1 billion. If this happens, it will join Popcat (POPCAT), a Solana (SOL) meme coin whose valuation crossed the $1 billion mark this week.

You might also like:
Popcat price prediction: Popcat pumps another 10%, eyes $3
Neiro’s valuation makes it larger than other well-known companies like Groupon, Nikola, and Sleep Number. It has also surpassed other popular meme coins such as Baby Doge Coin and Book of Meme.

Neiro’s rally happened in a day when Bitcoin and most altcoins were in the red. Bitcoin Bitcoin
btc
-2.81%
Bitcoin dropped to $62,500 while most coins like Ethereum Ethereum
eth
-3.57%
Ethereum, Solana (SOL), and Dogecoin (DOGE) retreated by over 2%.

Meme coins have been some of the best-performing cryptocurrencies this year. All meme tokens tracked by CoinGecko now have a combined market cap of over $53 billion. While Dogecoin and Shiba Inu remain the biggest, newer tokens have climbed the ranks in recent months.

Popcat, launched in December, has grown into a $1 billion token, and Brett, a meme coin on Base Blockchain, has reached a valuation of $884 million.

Neiro could retest $0.00137
NEIRO price
NEIRO chart by TradingView
On the daily chart, Neiro rose and broke through the important resistance point at $0.001375, its highest swing on September 25. By surpassing that level, the token invalidated the double-top chart pattern that was forming.

The Relative Strength Index and the Stochastic Oscillator have moved to overbought levels. Therefore, the most likely scenario is that it retreats to retest the support at $0.001375 before resuming its bullish trend.

The post Whale Swaps Billions of PEPE for NEIRO, What’s Next? appeared first on Coinpedia Fintech News

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.

Source: X (Previously Twitter)

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.

Source: Trading View

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.

Source: Coinglass

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.

Oct 7, 2024

6thTrade

Momentum Shift and Market Opportunities for NEIRO
The recent performance of NEIRO has shown intriguing shifts, with the price and sentiment dynamics hinting at a potentially lucrative phase in its market behavior. A combination of robust price action, increased open interest, and dramatic changes in long/short ratios presents a compelling scenario for anyone observing these trends.
Chart Analysis: Stepping Out of Consolidation
The four-hour chart shows a significant breakout from a previous consolidation range. For several days, NEIRO traded tightly within a defined zone, exhibiting almost predictable back-and-forth movement. However, the recent price surge beyond the upper resistance boundary signals something different brewing.

The rapid increase from $0.0010 to $0.0015 represents a powerful upwards momentum, marking a departure from the prolonged sideways trading seen over the past weeks. Typically, such breakouts from accumulation phases are indicative of renewed buying interest and shifting dynamics, suggesting that the market may now be more inclined towards a bullish narrative. $NEIRO




Long vs Short Sentiment Analysis: The Push and Pull
Further insights are gleaned from analyzing the long and short positions over recent weeks. The visual representation of long/short activity clearly shows a notable change in sentiment. In mid-September, shorts dominated the market, weighing heavily against the price. However, as time moved into late September and early October, a significant increase in long positions gradually overtook the shorts.

The shift from negative to positive net long positions is a telling indicator that a potential trend reversal is in progress. This dynamic is accompanied by growing buying pressure, which, as evidenced by the sudden spike, reflects underlying confidence from market participants, possibly suggesting anticipated upside potential.
Open Interest Explosion: A Sign of Activity Surge
A highlight is the impressive surge in open interest, which saw a +178.73% rise, amounting to $147.44 million. Open interest, which measures the total number of outstanding contracts, has more than doubled recently, indicating heightened engagement in NEIRO’s market.

This growth in open interest generally hints at increased conviction among participants regarding future price direction. Whether it’s optimism for a continued rally or positioning for an expected move, such a considerable increase suggests that the market is far from stagnant.
Volume Growth: A Testament to Renewed Interest
Accompanying the rise in open interest, NEIRO’s trading volume has also expanded dramatically, showing a +432.85% increase, culminating in a total volume of $2.38 billion. This considerable growth in volume aligns with the breakout from the prior range, signaling that this price movement is backed by genuine liquidity and interest rather than a mere speculative uptick.
Such volume spikes often confirm the legitimacy of breakouts and trend changes, implying that the current movement has strong backing. This reinforces the narrative of a market that’s attracting renewed interest and action.
Liquidations & Risk Sentiment: Short Squeeze Signals?
An examination of the liquidation data reveals that over $1 million in short positions were liquidated over the past 4 hours, contrasting with only $333,490 worth of longs. This discrepancy further hints at what could be termed a "short squeeze" — when bearish participants are forced to exit due to rising prices. Short squeezes can generate rapid, powerful price movements, often creating unexpected rallies that capture significant market attention.

In addition, the overall ratio of positions (1.3287 for long versus 0.5295 for short) for the top traders on Binance also points towards bullish optimism, suggesting more prominent players have made a decisive choice toward accumulating.
Conclusion: A Compelling Picture of Opportunity
The constellation of factors, from significant open interest and volume growth to notable changes in long/short ratios and liquidation imbalances, paints a vivid picture of a market that is waking up from its slumber. The recent breakout, coupled with these quantitative signals, offers an exciting indication that NEIRO is entering a new phase of market activity.
Price behavior and increasing volume hint at something beyond the ordinary, a period where active observers might uncover the kind of opportunities that accompany substantial momentum shifts in the market. The data alludes to a time where engaging with the unfolding market dynamics could yield significant outcomes, particularly as sentiment swings and renewed activity drive NEIRO into potentially higher levels.

#6thTrade #WeAreAllSatoshi #U.S.UnemploymentNewLow #MarketSentimentToday

Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.

IMAGES Credit : Coinglass & Chart by Tradingview