The explosive recovery of Nero is closely related to the overall recovery of the meme coin market this week. As the price of Bitcoin (BTC) successfully broke through the $64,000 mark, the entire cryptocurrency market seemed to have ushered in a wave of relief rebound. And Nero stood out in this rebound wave and became the focus of everyone's attention.
SpotOnChain data shows that whale activity is indeed behind the explosive growth of Nairobi. During the rebound, a large whale spent a lot of money to buy up to $1.466 billion worth of Nairobi. The mysterious buyer is the address called "rektdolphin.eth". It is said that he successfully exchanged these Nairobi with 190.5 billion PEPE tokens and 6 dollars of Ethereum about 4 hours ago, and realized a profit of $334,000 in a short period of time.
At the same time, another early whale trader also seized the opportunity and decisively closed his Nairobi position, realizing an amazing profit of +10,055%. This undoubtedly once again proves the importance of timing and vision in the cryptocurrency market.
So, what is the next move for Nairobi? From a technical perspective, the recent rally started from the 38.2% Fibonacci retracement level on the price chart. The surge in trading volume and the rise in OBV in the past few hours further confirm the market's activity.
However, it is worth noting that OBV peaked near the recent resistance level of 997 billion. If OBV fails to successfully break through this resistance level, the rebound momentum may gradually weaken. In addition, the RSI indicator on the lower time frame chart has also issued an overbought signal, which further exacerbates the potential risk of a market correction, especially if profit-taking pressure increases.
If the market does see a correction, the 23.6% (approximately $0.00119) and 38.2% (approximately $0.0009) Fibonacci retracement levels will become key support levels in the short term. Once the market is able to rebound sustainably, Nero could even reach highs of $0.002, especially if Bitcoin prices continue to rise.
For investors, here are some key levels to track: According to data from the Liquidation Cluster, liquidity is concentrated below $0.0014 and $0.0012 (23.6% financial leverage). These leveraged long positions could trigger a liquidity rush before the market continues to recover, pushing the price of Nairobi down. Therefore, investors need to fully consider the potential impact of these factors on the market when making decisions.
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