Over the course of 24 hours, Neiro [NEIRO] saw an impressive 49% increase as memecoins kicked off the week with a strong recovery. This surge was in line with the upward movement of Bitcoin [BTC] towards $64K, sparking a bounce back in the markets.
Notably, NEIRO’s notable surge was also fueled by actions taken by whales. SpotOnChain, a blockchain analytics platform, reported that a significant whale acquired 1.466B $NEIRO, valued at $1.8 million during this rally.
“rektdolphin.eth emerged as the leading $NEIRO buyer during this period, exchanging a total of 190.5B $PEPE and 6 $ETH for 1.466B $NEIRO ($1.8M) around 4 hours ago, now reaping $334K (+19%).”
Subsequently, another early whale trader exited their NEIRO position with an impressive profit of +10,055%.
What does the future hold for NEIRO?
The recent rally originated from the 38.2% Fib level on the price charts. Trading volume saw a significant increase in the past few hours, supported by the rising OBV (on-balance volume).
However, the OBV peaked near 997 billion at its recent resistance level. Failure to break above this resistance could lead to a cooling off in the rally.
On lower time frame charts, the RSI signaled an overbought condition, further indicating a potential cooling off, especially if profit-taking intensifies.
In such a scenario, it is crucial to monitor the 23.6% ($0.00119) and 38.2% ($0.0009) Fib levels in the short term.
Conversely, a sustained rally could position NEIRO to target $0.002, particularly if BTC continues its upward trend.
Significant levels to keep an eye on
Based on liquidation clusters, data revealed liquidity concentrations at $0.0014 and below $0.0012 (at the 23.6% Fib level). These areas represent leveraged long positions that could trigger a liquidity drain, pushing NEIRO’s price down before resuming its recovery.
That being said, the derivatives market exhibited substantial interest from speculators without a clear consensus on the market direction at the time of writing. Both volume and Open Interest (OI) experienced three-digit increases, underscoring significant market enthusiasm.
However, there were nearly equal liquidations of long and short positions in the preceding four hours before the time of publication. This lack of a distinct market direction calls for caution in the short term.