First Neiro on Ethereum (NEIRO) is resilient, according to TinTucBitcoin, amid reduced selling pressure. On November 12, NEIRO price jumped to 0.000030 USD.
However, by this time, the price had dropped to 0.0020 USD. On-chain analysis shows that this meme coin may not fall much further.
First Neiro on Ethereum is bullish
On November 12, NEIRO’s daily trading volume of profits amounted to more than 16 billion. This is an index that measures the number of Tokens that have achieved actual profits. Usually, when this value increases, this means that the coin holder has realized many profits, and the price can fall again.
On the contrary, a decline in this index implies that selling pressure has decreased. As of now, actual on-chain profits have dropped to 2.31 billion. This shows that most NEIRO investors have stopped realizing profits.
If sustained, NEIRO’s recovery could take place in the short term. In particular, the possibility of a bounce could take the price higher than $0.0025 as high demand often leads to double-digit increases.
Furthermore, NEIRO is seeing an increase in Sentiment Weight, an index that measures overall market sentiment about cryptocurrencies. Rising sentiment means positive comments are increasing, while falling sentiment reflects negative sentiment.
Currently, NEIRO’s Weighted Sentiment is close to positive, signaling a possible shift to positive market sentiment. If this trend continues, it could boost demand for the meme coin, potentially sending NEIRO prices higher.
However, sustained optimism and accompanying trading activity will be critical to turning this momentum into meaningful price gains.
NEIRO Price Forecast: Notable price increases are coming
On the 4-hour chart, the bulls’ ability to defend the $0.0020 support level is clear. The last time this happened, NEIRO price increased to 0.0029 USD.
If this meme coin wants to repeat this pattern, resistance at $0.0022 will be a challenge. Therefore, if buying pressure increases, NEIRO’s recovery could be confirmed. If that happens, the meme coin price could surpass $0.0030.
However, if profit realization recurs or investors sell at a loss, this prediction may not come true. Conversely, the Token price could drop to 0.0017 USD.
