Neiro (NEIRO), a little-known meme coin, is attracting crypto investors’ attention due to a recent whale’s activity in the market. Over the past 2 days, a whale has withdrawn a total of 5.16 million NEIRO tokens worth $6.12 million from Bybit and Gate.IO, according to data from Onchain Lens. This acquisition has attracted curiosity because of the huge quantity of tokens involved and NEIRO’s potential.
Whales target Neiro
The withdrawal of such big amount of NEIRO tokens from centralized exchanges shows that the investor could be intending to hold the coins for long-term or a possible move them to DeFi for further trading.
Given the current market condition, the whale appears to have been withdrawn by NEIRO’s recent impressive upturn movements. His activity indicates that whales are increasingly diversifying into the NEIRO market, enticed by its potential. Historically, big withdrawals suggest strategic actions by whales, potentially showing confidence in the asset’s future growth.
NEIRO price updates
Of late, Neiro’s rebound has been remarkable. Its price has been up 76.5%, 49.2%, and 118.3% over the past seven days, two weeks, and one month, respectively. Today, it recorded a 3.8% rise, currently placing its price at $0.0003721. The inflows of buyers, especially whales and traders, are the catalyst for NEIRO’s recent price surge.
Despite the impressive uptrend, on-chain indicators show signs of a potential decline. First, according to metrics from Coinglass, NEIRO’s Open Interest (IO) experienced an 8.24% decrease from yesterday. This drop indicates that traders have decreased their premium positions in the market, suggesting the anticipation of a price fall.
Secondly, NERIO is currently in the formation of a flag pattern. The pattern shows a continuation of the existing uptrend accompanied by correction movements. This formation suggests that the asset is preparing for some consolidations amid upward moves. This signifies that despite some investors accumulating the token, others are taking advantage of recent price increases to sell their coins for profitability.
Due to this dynamic force between buyers and sellers, NEIRO is set to experience slight drops to the support levels of $0.00032323 and $0.00030699 soon. In other words, the asset could struggle in the short term.
