Neiro, a viral meme coin, rallied for the third consecutive day, reaching a record high of $0.001875.

Neiro (NEIRO) has soared by over 7,000% from its lowest level in September.

This surge occurred in a high-volume environment, with 24-hour trading volume rising to over $1.13 billion. Most of this volume was concentrated on Binance, followed by Gate.io and Bitget.

The rally also coincided with a jump in futures open interest. According to CoinGlass, open interest in the futures market hit a record high of $175 million, up from this week’s low of $50 million.

Neiro’s market cap has surged to over $742 million, meaning it needs to rise by about 38% from its current level to reach $1 billion. If this happens, it will join Popcat (POPCAT), a Solana (SOL) meme coin whose valuation crossed the $1 billion mark this week.

Neiro’s valuation makes it larger than other well-known companies like Groupon, Nikola, and Sleep Number. It has also surpassed other popular meme coins such as Baby Doge Coin and Book of Meme.

Neiro’s rally happened in a day when Bitcoin and most altcoins were in the red. Bitcoin (BTC) dropped to $62,500 while most coins like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) retreated by over 2%. 

Meme coins have been some of the best-performing cryptocurrencies this year. All meme tokens tracked by CoinGecko now have a combined market cap of over $53 billion. While Dogecoin and Shiba Inu remain the biggest, newer tokens have climbed the ranks in recent months.

Popcat, launched in December, has grown into a $1 billion token, and Brett, a meme coin on Base Blockchain, has reached a valuation of $884 million.

Neiro could retest $0.00137

On the daily chart, Neiro rose and broke through the important resistance point at $0.001375, its highest swing on September 25. By surpassing that level, the token invalidated the double-top chart pattern that was forming.

The Relative Strength Index and the Stochastic Oscillator have moved to overbought levels. Therefore, the most likely scenario is that it retreats to retest the support at $0.001375 before resuming its bullish trend.

Bitcoin price remained in a consolidation phase even as the amount held on exchanges continued to decline.

Bitcoin (BTC) was seen trading at $62,540 on Oct. 8, slightly below this week’s high of $64,500. It remains in a correction after falling 15% from its highest point this year.

Bitcoin still has some potential catalysts that could push its price higher in the coming months. Data from CoinGlass shows that Bitcoin reserves on exchanges have continued to fall, reaching a year-to-date low of 2.34 million.

It is estimated that Bitcoins worth over $31 billion have been removed from exchanges since February. Most of these coins have moved to self-custody wallets, while others have been transferred to exchange-traded funds.

Flows from exchanges to wallets are often a sign that most holders are bullish. Some prominent companies, such as MicroStrategy, Marathon Digital, Block, and Tesla, are among the most bullish in the industry.

MicroStrategy has accumulated over 252,000 worth of Bitcoins while Marathon holds 26,842 coins. Tesla and Block, formerly known as Square, hold 9,720 and 8,211 coins, respectively.

Additional data from Nansen shows that smart money holdings of stablecoins have dropped to their lowest level in years.

The figure peaked at 38.5% in May 2022 when Terra collapsed and rebounded to 35.7% in November of the same year after FTX collapsed. It has been in a strong downtrend since then, suggesting that smart money is mostly bullish on cryptocurrencies.

Bitcoin has found support at the 200 EMA

On the daily chart, Bitcoin has remained within the descending black channel that connects the highest and lowest swings since March. This channel can be viewed as a falling broadening wedge, a popular bullish sign.

It has also found support at the 200-day Exponential Moving Average, which is a positive sign. However, Bitcoin has formed a small evening star candlestick pattern, characterized by a small red body and a long upper shadow.

Therefore, Bitcoin will need to rise above the upper side of the shadow pattern at $64,500. After that, bulls will need to push it above the descending trendline and then the all-time high of $73,800 to continue the uptrend.

The alternative scenario is where Bitcoin drops below the 200-day EMA at $60,000. If this happens, it will increase the chances of a drop to the lower side of the wedge at $52,000.

The Pi Network IoU token is firing on all cylinders as the odds of a mainnet launch increase and as most altcoins bounce back.

The thinly-traded Pi Coin (PI) rose to $46.93 on Monday, Oct. 7, its highest point since July and 60% above its lowest level this year.

Pi Coin token rebound continues

This rebound was in sync with other cryptocurrencies, which have bounced back. Bitcoin (BTC) rose to $63,000 while meme coins like Mog Coin (MOG) and Dogwifhat (WIF) surged by over 10%. 

There are also rising hopes that Pi Network’s developers will launch the mainnet in the first quarter of next year.

In a statement in September, they gave pioneers a new extension to complete their KYC verification in the application. The deadline for the grace period will end on Dec. 31 this year.

This KYC verification is an important part of Pi Network’s migration from the enclosed mainnet to the final mainnet. The Open Network will enable pioneers to convert their Pi coins into fiat currencies and allow non-pioneers to interact with the network’s ecosystem.

Meanwhile, the team is selecting partnerships with companies in the crypto industry and other sectors ahead of the launch. These partnerships will give companies access to over 60 million members of the network.

Additionally, the developers are working to grow their global influencer program to expand its reach ahead of the network launch.

As part of the road to mainnet launch, the developers hope to have an active ecosystem of applications that will give the token utility. They will only launch the mainnet only when the crypto industry is doing well.

Pi Network IoU rises to a key resistance

The Pi Network IoU is a cryptocurrency launched in 2022 that was immediately disowned by the real developers. Regardless, it is often seen as the best indicator of how the token will trade when the mainnet launch happens. However, it has some drawbacks, like low volume and the fact that only a few exchanges offer it.

On the daily chart, the token formed a double-bottom pattern at $29.34. In most cases, a double bottom is one of the most bullish signs in the market. It has now risen to the pattern’s neckline at about $47.

Also, Pi Network has moved above the 50-day moving average, pointing to more upside in the near term. If this happens, the next levels to watch will be $50, followed by $61.8, its highest swing in August 2023.

The biggest risk for Pi Coin is that most tap-to-earn tokens, such as Hamster Kombat, Notcoin, and DOGS, have plunged after their debut.

Bitcoin price rose for two consecutive days on Monday, Oct. 7, as traders embraced a risk-on sentiment. 

Bitcoin (BTC) rose to an intraday high of $64,000, a 6.62% increase from last week’s lowest point. The rebound happened even as American equities retreated as the odds of a more dovish Federal Reserve eased. The Dow Jones, S&P 500, and Nasdaq 100 dropped by over 0.20% in early trading.

Some crypto analysts and investors remain bullish on Bitcoin. MetaPlanet, a Japanese company, has become the latest major Bitcoin buyer after adding coins worth $6.7 million to its reserves. According to Bitcoin Treasuries, it now owns 530 coins worth over $33 million. 

The company is following in the footsteps of MicroStrategy, which has become the largest Bitcoin holder with 252,220 coins. Other major holders include firms like Marathon Digital, Riot Platforms, and Block, formerly known as Square.

In an X post, Michael van de Poppe, a popular crypto analyst with over 728,000 followers, predicted that Bitcoin will rise and retest the all-time high of $73,800. He expects Bitcoin to retest $62,000 and then bounce back to between $65,000 and $66,000. A break above that level will lead to a retest of its all-time high. 

Bitcoin’s rebound coincided with a significant increase in futures open interest. Data from CoinGlass shows that open interest rose to over $34 billion, its highest level since October 1. A higher open interest figure is often a positive sign for a coin.

The next potential catalysts for Bitcoin this week will be Wednesday’s Federal Reserve minutes and Thursday’s US inflation data. A sign that inflation is still falling will likely lead to a more dovish Fed, which would be positive for Bitcoin and other risky assets.

Bitcoin price needs to flip $66,600

The daily chart shows that Bitcoin has faced strong resistance, indicated in purple. This resistance connects the highest swings in March, May, June, July, and September.

The trendline is also the upper side of the falling broadening wedge chart pattern. In price action analysis, this pattern often results in a bullish breakout. Bitcoin has also jumped above the 50-day and 200-day Exponential Moving Averages.

Therefore, there are rising odds that Bitcoin will have a bullish breakout and retest the all-time high. For this to happen, it will likely need to clear the descending trendline and the psychological levels at $70,000 and $72,000.