NEIRO Price Rises Over 1000% After Listing on Binance

Bittime - Meme coin Neiro, which describes itself as Dogecoin's little sister, has surged more than 1000% on Monday, September 16, after listing on Binance. 

The NEIRO token hit a record high of $0.00040 (Rp. 6), up more than 1,620% from its low point this month, giving it a market capitalization of more than $140 million (Rp. 2.1 trillion).

Causes of NEIRO's Rise

This increase occurred after the token received indirect support from Justin Sun, the billionaire creator of Tron. In a post on X, he said the token has “swag,” which is considered an endorsement. 

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Justin Sun is one of the richest individuals in the crypto industry, with Arkham Intelligence estimating his crypto holdings at more than $994 million (Rp. 15.2 trillion). He also serves as an advisor to HTX, one of the world's largest crypto exchanges.

Neiro also surged after Binance, the world's largest crypto exchange, announced it would list Neiro's margined perpetual contracts on September 16. Cryptocurrencies tend to spike sharply after being listed on tier-1 exchanges such as Binance, Upbit, and Coinbase, although these gains are often short-lived.

Neiro's rise occurred in a high volume environment. Data from Nansen shows that 24-hour volume increased to more than $202 million (Rp. 3.09 trillion) on Monday, much higher than $7.7 million (Rp. 118 billion) on Sunday.

Investor Mulai Take Profit (TP) NEIRO

There are also signs that some large holders have started selling their coins. A high-volume address that turned $37,648 (Rp. 575 million) into more than $266,300 (Rp. 4.06 billion) sold more than 1.18 billion tokens as the token surged.

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Another trader, who turned $46,900 (Rp. 715 million) into $245,560 (Rp. 3.75 billion), also sold more than 1 billion tokens. As shown below, many large holders have started selling coins to take profits.

NEIRO Rise to Key Resistance Level

On the four-hour chart, the NEIRO token surged and reached an important resistance level at $0.00399 (Rp. 6,100), which was its previous record high.

This bounce occurred after the token formed a triple-bottom chart pattern at $0.000034 (Rp.0.52). Triple-bottom is one of the most popular bullish signs in the market. It then surged above the key resistance point at $0.00010 (Rp1.5), which is the September 2 swing high and the pattern's neckline.

Therefore, the path of least resistance for the Neiro token is downwards as profit-taking increases. If this happens, it will likely fall and retest support at $0.00020 (Rp3). A move above the record high of $0.00040 (Rp.6) would signal potential further upside.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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