Recent news within the cryptocurrency market has been the rise of meme coins, including NEIRO and Moo Deng, which have shown an impressive performance. Market rally has been also fueled by the similar attention attracted by both tokens.
Can Whale Movements Drive Neiro Higher?
NEIRO, a meme coin positioned as a successor to Dogecoin, has experienced a dramatic price increase of 50% within a 24-hour period. As per CoinMarketCap, the token has reached an all-time high of $0.001502.
Today, a whale swapped $1.1 million in $PEPE coins for $NEIRO, losing that 10 percent of value to the price impact from the transaction. Which is showing that the whale is moving towards $NEIRO strategically, implying bullish on the token considering the changes in the market.
Daily trading volume for NEIRO has also been on an upswing. Trade volume has been ramming along with almost 287% increase to 4.7 billion in daily deals. This has resulted in a ripple effect in the meme coin market, as other existing ones began to see a growth in trading volumes and increasing amounts of whales interested in the trade.
Moo Deng Faces Investor Confidence Decline
After an exciting rally, the investor confidence in a meme coin inspired from a viral pygmy hippo has plummeted – Moo Deng. Moo Deng launched on September 22, 2024, and initially gained by 500%, trading at an all time high of $0.3428.
Moo Deng was hit hard after reaching a peak, market sentiment around it changed drastically. This resulted in a negative weighted sentiment that was a lack of faith in the token’s ability to recover.
The sentiment has declined creating the situation in which there is less trading activity
Price Analysis and Potential Support Levels
At the time of writing, Moo Deng is trading at $0.1091, down almost 60% in the past week. The coin is staying above a critical support level of $0.100. If the bearish sentiment continues to drive trading decisions, this support may not hold.
If the price breaks below $0.100, it could test the next support level at $0.050. Conversely, should Moo Deng manage to bounce off the current support level, there may be potential for recovery.
A successful rebound could see the price rise back towards $0.200, but this would require a shift in market sentiment and increased buying interest.
