NEIRO’s entry into the top 100 cryptocurrencies coincides with a period of market volatility with whales accumulating more than 29 million tokens. A potential 50% surge is in it based on a bullish EMA crossover and technical breakout.
Amid market volatility, NEIRO establishes itself as a top gainer
NEIRO has continued to perform well over the past week despite overall market uncertainty. The token has gained 65.86% over the past week, with a 24-hour trading volume of an impressive $605 million, and the token's market cap now stands at $743 million.
Currently ranked 85th, NEIRO's entry into the top 100 cryptocurrencies by market capitalization represents the achievement of one of the best performing assets in the market.
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NEIRO currently appears to be trending higher as whales are taking note and technicals continue to glow green for further gains for the token, but investors should be wary of market volatility .
Whale accumulation drives recent price increases
In the past three days alone, large holders have accumulated over 29.1 million NEIRO tokens. The names also include GSRMarkets, which has accumulated 15 million NEIRO tokens. Their holdings were previously worth $939,000 and are now worth $1.17 million.
However, in the past nine hours, bwecapital.eth withdrew 4.065 million NEIRO, or approximately $298,000, from the Bybit exchange.
Furthermore, two new whales with addresses 0xa1d and 0x00d both made profits of over 10 million NEIRO in separate Ethereum transactions. And these aren't just buying tokens that we don't fully understand yet, these are huge purchases that clearly show strong interest from people in the tokens themselves.
Technical Analysis: Key Levels to Watch in NEIRO
A break above the downtrend line on the hourly NEO/USDT chart could change momentum and shift upwards again. The key area to watch is the retest to the immediate support level at $0.00166450. A successful retest could provide an opportunity to buy and consolidate the breakout above the current price of $0.00176148, which should continue to support the bullish trend.
$0.00250000 is a very important psychological resistance level. If the bullish momentum continues, an increase of around 50.42% towards this target is inevitable.
If the price fails to sustain above the support at $0.00166450, it could indicate that further consolidation is needed before attempting to move higher again.
Technical indicators show bullish momentum
Currently, NEIRO's Relative Strength Index is at 60.04, above the neutral 50 level, suggesting mild bullish momentum. Although there is some buying pressure, it has not yet reached overbought territory above 70, indicating that there is still room for further upside.
MACD in a bullish crossover, the MACD line is currently higher (0.00002030) than the signal line (0.00001942). If this bullish sentiment continues, the positive bars in the histogram indicate increasing momentum, and in this case we can assume the trend will continue upwards.
Third, the short-term bullish bias is reflected in the 50 EMA at 0.00168674 and the 100 EMA at 0.00162767. The 50 EMA is above the 100 EMA. This crossover also confirms the recent breakout, and this trend should continue if price remains above these moving averages.
