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NEIRO Shines, PEPE, BONK Overlooked

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Despite brief moments of potential recovery, most of meme coins had a challenging week. Popular tokens like Bonk (BONK) and Pepe (PEPE) saw their prices drop by double digits.

In contrast, Neiro Ethereum (NEIRO) experienced an unexpected price surge after Binance announced its listing on the futures market. Here’s a recap of the key developments.

Neiro Ethereum (NEIRO)

NEIRO’s price skyrocketed by 548% this week. While it had already seen price jumps earlier, its listing on Binance futures fueled the surge even further.

The announcement sparked excitement within the NEIRO community, drawing comparisons to PEPE and BONK’s Binance listings. Although Neiro Ethereum hasn’t yet made it to the Binance spot market, its futures listing comes just two months after its market debut.

For context, PEPE waited nearly a quarter, and BONK almost a year for Binance’s attention. As of this writing, NEIRO is priced at $0.16, rebounding from a previous low of $0.02.

Read more: 10 Best Crypto Exchange Reviews for September 2024

NEIRO 4-Hour Analysis.
NEIRO 4-Hour Analysis. Source: TradingView

Despite the rally, NEIRO remains 45% below its all-time high of $0.29. However, the On Balance Volume (OBV) indicator suggests strong buying interest, signaling continued market support for the meme coin.

Generally, a rising OBV indicates buying pressure, while a falling reading of the indicator signifies otherwise. If the reading continues to rise, NEIRO’s next target could be $0.20 within the next few days. 

However, the token might face a downturn if it becomes overbought and massive profit-taking begins. In that situation, its value might drop to $0.11.

Pepe (PEPE)

PEPE’s price decreased by nearly 13% in the last seven days. In a previous analysis, BeInCrypto reported how the meme coin had formed a head and shoulder pattern that could accelerate the downtrend.

As of this writing, the bearish thesis has been validated as the token trades at $0.0000067. However, according to indications from the Money Flow Index (MFI), a rebound could be close. The MFI is a technical oscillator that uses price and volume to spot overbought and oversold conditions. 

When the indicator’s value is above 80.00, a cryptocurrency is overbought. On the other hand, a reading less than 20.00 means it is oversold. According to the daily chart, the MFI is down to 13.40, meaning PEPE is oversold, and a rebound could be close.

Pepe Daily Analysis.
Pepe Daily Analysis. Source: TradingView

This potential would require a vast market interest to be validated. Should the broader market decide to buy the meme coin at this discount price, the token might jump to $0.0000080.

However, invalidation could occur if the meme coin continues to lack demand. If this is the case, the token’s value might decline to $0.0000058.

Bonk (BONK)

BONK’s daily technical setup appears similar to PEPE’s. Like the frog-themed meme coin, the BONK could be ready for a notable rebound as the Chaikin Money Flow (CMF) looks to be heading toward the positive region.

When used alongside other indicators, the CMF helps determine if a cryptocurrency is likely to enter an uptrend or downtrend. In BONK’s case, the price could move higher if the CMF eventually crosses above the neutral line. If this occurs, the meme coin could retest the support at $0.000017 and potentially reach $0.000020.

Read more: Which Are the Best Altcoins To Invest in September 2024?

Bonk Daily Analysis.
Bonk Daily Analysis. Source: TradingView

However, the Relative Strength Index (RSI) indicates that the market remains hesitant, reflecting fear around buying the dip. Failure to accumulate more BONK could invalidate this thesis. In that case, the meme coin’s price might drop to $0.000015.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Cardano Whales Accumulation Hits $55 Million: $1 Target Soon?

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On November 20, crypto whales offloaded significant amounts of Cardano (ADA), disrupting its bullish momentum. However, the narrative shifted today as the Cardano whales’ accumulation has taken center stage.

This renewed buying activity suggests that ADA’s price might regain its bullish momentum toward $1. But does the data support this bullish outlook? 

Cardano Key Investors Change Their Stance

According to IntoTheBlock, Cardano’s large holders’ netflow has surged to 67.51 million ADA, signaling a significant shift in sentiment among crypto whales. The netflow represents the difference between the amount of ADA purchased and sold by large holders over a specific period.

When netflow increases, it indicates that whales are buying more than they are selling. Typically, this is a bullish signal. Conversely, a drop in netflow suggests more selling by whales, which is generally regarded as bearish.

In this case, the recent netflow increase, valued at approximately $55 million, aligns with ADA’s 11% price surge over the last 24 hours. Thus, this Cardano whales accumulation suggests that ADA may be poised for further gains, with the recent uptick serving as a potential foundation for a higher value.

Cardano crypto whales accumulation
Cardano Large Holders Netflow. Source: IntoTheBlock

Furthermore, the In/Out of Money Around Price (IOMAP) indicator provides further support for this bullish outlook. For context, the IOMAP analyzes token clusters based on three groups: holders who purchased below the current price (in the money), above the current price (out of the money), and those at breakeven.

This metric is essential for identifying potential support and resistance zones. Specifically, if there is a higher number of tokens “in the money, ” it signifies solid support, as many holders are at a profit and less likely to sell, potentially driving the price higher.

On the other hand, a higher “out of the money,” volume points to resistance, as holders might sell to recover losses, putting downward pressure on the price.

Cardano price support
Cardano IOMAP. Source: IntoTheBlock

Currently, ADA’s IOMAP shows strong support levels outweighing resistance zones, reinforcing the potential for its price to climb further.

ADA Price Prediction: Move Toward $1 Almost Valid

On the daily chart, ADA’s price has risen above the key Exponential Moving Averages (EMAs). Specifically, the 20-day EMA (blue) and 50 EMA (yellow) are below Cardano’s price. When the price is above the indicator, the trend is bullish.

On the other hand, if the price is below the indicator, the trend is bearish. Therefore, it appears that, with the current trend, ADA could rise higher than $0.87. If this happens, the altcoin might rally toward the $1 mark.

Cardano price analysis
Cardano Price Analysis. Source: TradingView

However, if Cardano whales decide to sell and book profits, this prediction might not come to pass. Instead, the price could drop to $0.68.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitcoin Price Approaches $100K: The Countdown Is On

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Este artículo también está disponible en español.

Bitcoin price is rising steadily above the $95,000 zone. BTC is showing positive signs and might soon hit the $100,000 milestone level.

  • Bitcoin started a fresh increase above the $95,000 zone.
  • The price is trading above $95,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $100,000 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price remained supported above the $92,000 level. BTC formed a base and started a fresh increase above the $95,000 level. It cleared the $96,500 level and traded to a new high at $98,999 before there was a pullback.

There was a move below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. Bitcoin price is now trading above $96,000 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $98,880 level. The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,000 resistance level. Any more gains might send the price toward the $104,500 resistance level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $98,000 level.

The first major support is near the $96,800 level. The next support is now near the $95,500 zone and the trend line. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $96,800, followed by $95,500.

Major Resistance Levels – $99,000, and $100,000.



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This Is Why XRP Price Rallied By 25% and Could Soon Hit $2

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Ripple’s (XRP) price rallied by 25% in the last 24 hours following Gary Gensler’s announcement that he would resign as the US Securities and Exchange Commission (SEC) chair on January 20, 2025.

This development comes as a relief to the popular “XRP Army,” which has had to deal with suppressed price action due to the Gensler-led SEC’s nonstop petitions against Ripple. But that is not all that happened. 

Ripple Bears Face Notable Liquidation Following Gensler’s Notification

Gensler’s announcement appears to be a positive development for the broader crypto market. But XRP holders seemed to benefit the most. This was particularly significant given the unresolved Ripple-SEC legal issues that have persisted throughout the SEC Chair’s tenure.

As a result, it came as no surprise that XRP price rallied and outpaced those of any other cryptocurrency in the top 10. Furthermore, the development triggered liquidations totaling $26.11 million over the last 24 hours.

Liquidation occurs when a trader fails to meet the margin requirements for a leveraged position. This forces the exchange to sell off their assets to prevent further losses. In XRP’s case, the liquidation primarily resulted in a short squeeze.

XRP liquidations
Crypto Market 24-Hour Liquidations. Source: Coinglass

A short squeeze happens when a large number of short positions (traders betting on price declines) are forced to close, driving the price higher as they rush back to buy back the asset.

At press time, XRP trades at $1.40 and currently has a market cap of $80.64 billion. With Gensler almost gone, crypto lawyer John Deaton noted that XRP price gains could be higher, and the market cap could climb to $100 billion.

“XRP soon will achieve a $100B market cap. Times are changing,” Deaton wrote on X.

Meanwhile, CryptoQuant data shows that the total number of XRP sent into exchange has significantly decreased. Typically, high values indicate increased selling pressure in the spot market. This is because it suggests that more assets are being offloaded, potentially driving prices lower.

However, since it is low, XRP holders are refraining from selling. If this remains the case, the token’s value could rise higher than $1.40.

XRP exchange inflow
XRP Exchange Inflow. Source: CryptoQuant

XRP Price Prediction: $2 Coming?

According to the 4-hour chart, XRP has been trading within a range of $1.04 to $1.17 since November 18. This sideways movement has resulted in the formation of a bull flag — a bullish chart pattern that signals potential upward momentum.

The bull flag begins with a sharp price surge, forming the flagpole, driven by significant buying pressure that outpaces sellers. This is followed by a consolidation phase, where the price retraces slightly and moves within parallel trendlines, creating the flag structure.

Yesterday, XRP broke out of this pattern, signaling that bulls have seized control of the market. If this momentum persists, XRP’s price could surpass $1.50, potentially approaching the $2 threshold.

XRP price analysis
XRP 4-Hour Analysis. Source: TradingView

However, this bullish scenario hinges on market behavior. If holders decide to secure profits, selling pressure could push XRP’s price below $1, erasing recent gains.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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