NEIRO Price Skyrockets 1,800% as Trading Volume Climbs Into Top 10

Key Takeaways

• First Neiro On Ethereum (NEIRO) reached the top 10 in volume for the past 24 hours.
• The price has increased rapidly since Sept. 16, reaching a new all-time high of $0.00088.
• How long will this NEIRO price increase continue, and what are the next potential targets?

The meme coin NEIRO was listed on Binance on Sept. 16 and has increased over 1,800% since. NEIRO has drawn massive interest, reaching the top 10 volume rankings despite being outside the top 100 biggest cryptocurrencies.

Let’s analyze NEIRO’s rapid increase and determine where it will head next.

NEIRO Volume Spikes After Listing

On Sept. 16, Binance announced  that NEIRO would be listed on both the spot and futures platforms. Shortly afterward, its volume spiked massively.

In the past 24 hours on Binance, NEIRO has a perpetual trading volume of $2,122 billion and an open interest of nearly $41 million. It also has over $772 million in spot volume , numbers that completely dwarf its market capitalization of $336 million.

In contrast, the largest meme coin based on its market capitalization is Dogecoin (DOGE), which has slightly less than $500 million in total volume in the past 24 hours.

It is worth noting that the Binance listing has created confusion. On Sept. 6, Binance listed NEIROETH  in its futures platform, causing it to increase.

When it was announced that Binance would also list NEIRO, traders were confused and disappointed, as Binance lists too many meme coins.

The movement for NEIROETH  has been the exact opposite, as the price has dropped over 50% since the announcement.

NEIRO Reaches New All-Time High

The most likely wave count indicates the price of NEIRO is in the fourth wave of its upward movement that started on Sept. 16. Wave three extended and its sub-wave count is in black.

The hourly Relative Strength Index (RSI) also shows weakness in the form of a bearish divergence (green), implying wave four has started.

The exact shape of wave four is unclear. The bottom may be in, but the correction could deepen further toward $0.00069. This would validate the support trend line of an ascending parallel channel and the 0.382 Fibonacci retracement support level.

While the exact target for the high depends on the wave four bottom, there is a preliminary target at $0.00108, created by the 2.61 extension of wave one.

Afterward, the NEIRO price could begin its correction.

NEIRO Not Done Yet

The NEIRO price has increased rapidly since Sept. 16. Despite a small decline since the all-time high, the upward trend is still intact. NEIRO may complete another upward movement before eventually starting its correction.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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