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Will a bullish breakout rally in the “First NEIRO on Ethereum” token sustain above $0.0020 to hit the $1 billion market cap this week?
With a bullish recovery gaining momentum, the NEIRO token has increased by 2.02% in the past 24 hours. Despite a slow Sunday, the meme token has increased by 42.16% in the past seven days and has a market cap of $855 million.
As the meme coin approaches the $1 billion market cap, it is currently trading at $0.002033. Can this bullish trend propel the token to $0.0030 and achieve a market capitalization of $1 billion?
NEIRO Price Analysis
In the 4-hour chart, the NEIRO token has broken above a consolidation range that formed a bullish flag pattern. The range extended from $0.0015 to a resistance trendline near $0.001869.
The meme coin registered a flag pattern breakout with a recovery rally on Friday and Saturday, accounting for a price jump of 38.21% from $0.001561 to $0.002158. However, the breakout rally soon started to lose momentum, resulting in a retest of the 20-EMA in the 4-hour chart.
Currently, NEIRO’s short-term price action reveals a minor pullback phase leading to a consolidation phase near the $0.0020 psychological mark. However, the bullish trend will likely continue as the whale activity increases.
The technical indicators support the bullish trend ahead with a positive alignment of 20, 50, 100, and 200 EMA in the 4-hour chart, providing dynamic support. Meanwhile, the cooldown phase in the 4-hour RSI line drops below the overbought territory but sustains above the 50% line.
NEIRO Whale Activity Surges
In a recent snapshot of all the whale activities by SpotOnChain, buying activity suggests a potential bull run ahead. Among the most optimistic whales, the GSR Market is notably bullish on NEIRO, holding 40.4 million NEIRO tokens, which accounts for nearly 4.04% of the total supply.
Adding to the bullish sentiment, a savvy trader with wallet address 0xE9F sold $1 million worth of OM and ATH tokens to acquire 8.45 million First NEIRO on Ethereum tokens.
Additionally, Vida BWE of bwecapital.eth has accumulated 4.065 million tokens, nearly 0.4% of the circulating supply. However, some whales are exiting trades, whether due to losses or profit-taking.
For example, a Shiba Inu whale that profited $145 million from SHIB sold 17.5 million NEIRO tokens at a loss of nearly $1.5 million. Meanwhile, another whale with wallet address 0x00D has deposited 4.7 million NEIRO tokens worth approximately $531,000 on Bybit, realizing a profit of $247,000.
Is $0.0030 A Potential Target for NEIRO?
With bullish whale activity signaling an uptrend, the trend-based Fibonacci levels on the 4-hour chart indicate crucial resistance levels at the 78.60% and 100% Fibonacci levels, positioned at $0.0022997 and $0.00250097, respectively. If the broader market recovers, an optimistic target of the 161.80% Fibonacci level at $0.00308142 could be attainable.
On the flip side, the potential supports are at $0.00192052 and $0.00178339.