Although NEIRO has corrected over the last day, whales are once again starting to accumulate the new meme token.
The price of NEIRO has dropped 14% in the last day, to $0.001038, while the overall cryptocurrency market has experienced a 0% movement today.
This obvious correction notwithstanding, NEIRO has surged since Binance announced its listing for the Ethereum-based meme coin on September 15, and it has now risen by a robust 21% in a week and a staggering 3,000% in a month.
Even though it has not gained much traction lately, a whale has already purchased $1.53 million worth of the coin this week, demonstrating how much demand there is for it.
This suggests that there will likely be more rallies in the near future, especially if more exchanges list the new alt.
NEIRO Price Analysis: Whale Buys $1.53M as NEIRO Jumps 215% – What’s Next?
The price of NEIRO appears to be about to rise once more after declining during the previous day.
The price has dropped below its 30-period moving average (orange) and is set to rise again this week from its support level (green).
Interestingly, for a few weeks now, NEIRO’s 30-period average has been below the 200-period average (blue), suggesting that the token has actually been undervalued for an extended period of time.
When a rebound does materialize is unclear, though, as NEIRO’s relative strength index (purple) is finding it difficult to move above 50, the point at which it would really pick up steam.
Having said that, this week has seen whales begin stocking up on the meme coin again, with one particular trading sitting on a small fortune of 17.71 million NEIRO.
One other whale has now accumulated accumulated $2.96 million in NEIRO, indicating the growing belief that the coin will rally strongly again soon.
A whale spent $1.53M to buy 17.71M $NEIRO(Neiro On Ethereum) at an average price of $0.08662 in the past 3 days!
— Lookonchain (@lookonchain) September 24, 2024
Address:
0x6ab126f6d7891369D3B58f1027D61c13e6434648 pic.twitter.com/VKIc7dwNtD
Furthermore, considering that NEIRO is not yet listed on a number of significant exchanges (such as Coinbase, Kraken, Bitstamp, OKX), there is reason to think that it will soon see other stunning rallies.
It will rise even further with more significant listings, as the Binance announcement demonstrated.
Furthermore encouraging is the fact that the resurgence of the larger cryptocurrency market has coincided with Neiro’s rise to prominence as a new major meme coin.
The Federal Reserve started this last week by lowering its funds rate by 0.5%, which lifted investor confidence.
And with a couple more cuts expected this year, the NEIRO price could end up very high.
It may top its current ATH of $0.001327 by the middle of October, and potentially end the year at $0.0025.