Highlights of the Story
The greatest holder of NEIRO took a significant step when he invested $1.8 million and acquired over 1.466 billion in NEIRO tokens.
Following the breakout of the flag and pole pattern there is a strong probability that NEIRO might soar another 50%.
With NEIRO’s long/short ratio at 1.11, traders appear to be optimistic about the market.
As the price of cryptocurrencies continued to decline, whales turned their attention to the First Neiro On Ethereum (NEIRO). Blockchain transaction tracker Spotonchain said on X (formerly Twitter) on October 7, 2024, that the top holder of NEIRO had made a significant purchase of over 1.466 billion NEIRO tokens, valued at $1.8 million.
NEIRO Whale Activity Lately
The whale has exchanged over 190 billion PEPE and six Ethereum (ETH) to amass this enormous NEIRO. The whale seems to have profited handsomely from trading this recently listed meme token.
The data indicates that this whale traded NEIRO token three times between August 15, 2024, and September 26, 2024, making a profit of over $825,000 with a 66.7% win rate. But because to the subsequent acquisition, the whale is now earning more than $334,000 because NEIRO has sharply increased.
Momentum of the current price
As of the time of writing, NEIRO is trading close to $0.001516 and has had a significant price increase of more than 50% during the previous day. During the same timeframe, trader and investor involvement has been rapidly expanding with trading volume jumping by 405%, reflecting bullish mood among crypto enthusiasts.
Technical Analysis of NEIRO and Future State
Expert technical analysis suggests that NEIRO is extremely bullish and is likely to see another significant surge in the near future. It just surged more than 65% over the last two days, breaking out of a bullish flag and pole price action pattern.
NEIRO has a good chance of making another 50% spike to hit the $0.00233 level in the next few days, based on data and past price trend.
Positive Chain Measurements
On-chain indicators provide even more evidence for this optimistic prognosis. The on-chain analytics company Coinglass reports that NEIRO’s long/short ratio is at 1.11, indicating that traders are feeling optimistic about the market.
Furthermore, during the last day, NEIRO’s future open interest has surged by 135%, indicating a rise in trader interest and potentially indicating the emergence of significant long positions. As of right now, 47.38% of top traders are in short positions and 52.62% are in long positions.
When all of these technical studies are combined with favorable on-chain measures, it seems that bulls are in control of the asset right now, which may cause a further price increase in the days ahead.