Neiro Ethereum (NEIRO) has seen a surge in activity, with significant whale movements reported as the token breaks out of a prolonged accumulation phase.
The recent breakout has drawn attention from major players in the market, sparking interest in both buying and selling activities. This activity has been noted by Spot On Chain, which provided key insights into whale transactions, fueling speculation about the token’s future trajectory.
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Accumulation Phase Breakout
NEIRO’s price action shows a clear breakout from a lengthy accumulation phase, as observed in recent market data. The token traded sideways for weeks, with prices stabilizing between $0.02 and $0.06.
This period of low volatility ended abruptly in early October when NEIRO surged past $0.10. The breakout suggests a shift in market sentiment, with strong buying pressure overcoming previous resistance levels.
This shift aligns with the increasing activity from large holders of the token, signaling renewed interest and potential bullish momentum.
Whale Buyers Enter the Scene
On the buy side, whales have been actively accumulating NEIRO tokens, increasing their stakes in the memecoin. Notably, GSRMarkets now holds 40.4M NEIRO, which accounts for 4.04% of the total supply. This accumulation, occurring just two days ago, points to a growing confidence in the token’s potential.
Other whale activity includes a trader purchasing 8.45M NEIRO by selling $1M worth of OM and ATH tokens. Additionally, bwecapital.eth accumulated 4.065M NEIRO, representing 0.4% of the circulating supply. These transactions reflect the growing attention NEIRO is receiving from high-net-worth investors.
Sellers Capitalize on the Pump
While some whales are increasing their holdings, others are exiting positions. A whale with a notable history of profits from SHIB sold 17.5M NEIRO at a $1.49M loss, right before the recent price pump. This sale, despite the significant loss, highlights the unpredictable nature of whale activity.
Additionally, another large holder deposited 4.7M NEIRO to Bybit, securing a $247K profit, capitalizing on an 87% gain since the breakout. These movements suggest that while some whales are taking profits, others see more long-term potential in the token.
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NEIRO Price Trends and Technical Insights
Following the breakout, NEIRO’s price rose over 723% from its all-time low, peaking near $0.12. This price movement marks a new high compared to the earlier peak in August, signaling a strong bullish trend. The accumulation phase near $0.05 served as a crucial support level, and the current breakout above $0.10 confirms a bullish continuation.
With whale activity driving volume and market interest, NEIRO’s price movements may continue to experience volatility as traders capitalize on these significant market shifts.
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