NEIRO Coin jumps 49%, correction likely amid volatility
- NEIRO Coin saw a 49% increase in just 24 hours.
- The price surge was influenced by Bitcoin’s rise and whale activity.
- Some early investors have already realized significant profits.
- Technical indicators suggest a possible price correction.
NEIRO Coin: A Rapid Rise in a Short Time
NEIRO Coin, a so-called memecoin, experienced an impressive 49% price surge in the past 24 hours. This increase occurred simultaneously with a recovery in Bitcoin’s price, which rose towards the $64,000 mark. Memecoins, often driven by viral trends and speculative investments, frequently benefit from such market movements.
The Role of Whales
In addition to the general market recovery, whale activity (large investors) also played a crucial role. According to blockchain analytics platform SpotOnChain, a whale known as “rektdolphin.eth” acquired 1.466 billion NEIRO worth $1.8 million during the price surge. This purchase significantly contributed to the price movement. Shortly after, another whale investor realized a profit of over 10,000% by selling their NEIRO position.
Technical Analysis: What’s Next?
The recent NEIRO surge started at a key Fibonacci retracement level (38.2%). Trading volume multiplied in the past hours, as highlighted by the rise in the On-Balance Volume (OBV) indicator. However, the OBV hit resistance at around 997 billion, suggesting that a potential cooling-off period may be on the horizon.
Additionally, the Relative Strength Index (RSI) on shorter time frames is showing an overbought signal, indicating that a correction is likely, especially if more investors begin to take profits. In this scenario, the Fibonacci levels at 23.6% ($0.00119) and 38.2% ($0.0009) could serve as support.
Key Price Levels to Watch
Liquidity cluster data shows liquidity pockets at $0.0014 and below $0.0012 (23.6% Fibonacci level). These positions might trigger a short-term price correction before NEIRO’s price recovers further. If these levels hold, the price could rise towards $0.002, particularly if Bitcoin continues to rally.
The Derivatives Market: Caution Advised
The derivatives market shows strong interest from speculators but without a clear direction. Both trading volume and open interest (OI) have surged significantly in the past hours. Interestingly, there have been almost equal liquidations of long and short positions, indicating some uncertainty in the market. In such an environment, caution is advised, as short-term fluctuations are hard to predict.
Our Assessment
NEIRO Coin has posted an impressive rally in the past 24 hours, supported by both the broader market and whale activity. However, in the short term, a correction may be imminent, as technical indicators point to an overbought situation. In the long term, the potential for further gains remains, especially if Bitcoin continues to rise. Investors should proceed with caution and keep an eye on key support levels.
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