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First Neiro on Ethereum, a popular meme coin that describes itself as the little sister of Dogecoin, surged by over 600% on Monday, Sept. 16.
NEIRO token goes parabolic after Binance listing
First Neiro on Ethereum (NEIRO) surged to a record high of $0.00040, up by over 1,620% from its lowest point this month, giving it a market cap of over $140 million.
This rally occurred after the token received an indirect endorsement from Justin Sun, the billionaire creator of Tron (TRX). In an X post, he said the token had “swag,” which was viewed as an endorsement.
Justin Sun is one of the wealthiest individuals in the crypto industry, with Arkham Intelligence estimating his crypto holdings at over $994 million. He also serves as an advisor to HTX, one of the biggest crypto exchanges globally.
NEIRO also jumped after Binance, the largest crypto exchange in the world, announced it would list margined Neiro perpetual contracts on Sept. 16. Cryptocurrencies tend to jump sharply after being listed by tier-1 exchanges like Binance, Upbit, and Coinbase, though these gains are often short-lived.
Neiro’s surge occurred in a high-volume environment. Data from Nansen shows that the 24-hour volume rose to over $202 million on Monday, significantly higher than Sunday’s $7.7 million.
There are also signs that some large holders have started selling their coins. A high-volume address that turned $37,648 into over $266,300 sold over 1.18 billion tokens as the token surged.
Another trader, who turned $46,900 into $245,560, also sold over 1 billion tokens. As shown below, many large holders have begun selling the coin to take profits.
First Neiro on ETH rose to key resistance
On the four-hour chart, the NEIRO token jumped and hit a crucial resistance level at $0.00399, which was its previous all-time high.
This rebound happened after the token formed a triple-bottom chart pattern at $0.000034. A triple-bottom is one of the most popular bullish signs in the market. It then jumped above the key resistance point at $0.00010, its highest swing on Sept. 2 and the neckline of this pattern.
Therefore, the path of least resistance for the Neiro token is downward as profit-taking increases. If this happens, it will likely drop and retest support at $0.00020. A move above the all-time high of $0.00040 will signal more upside.
This article first appeared at crypto.news
