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First Neiro on Ethereum (NEIRO) spiked to an all-time high of $0.0031 during Tuesday’s trading session. However, a decline in activity in the broader cryptocurrency market has caused the price of The NEIRO token lost some of these gains. Currently, it is trading at $0.0023, recording a 19% price drop over the past 24 hours.
NEIRO’s double-digit price decline has prompted some long-term investors to sell. With increased selling momentum, NEIRO will likely continue to reduce prices in the short term.
First Neiro on Ethereum Long-Term Investors Don’t Take Risks
During Wednesday’s early trading hours, NEIRO’s consumer age index, which tracks the movement of long-held coins, recorded a significant increase. According to data from Santiment, the index soared to a weekly high of 92.04 billion.
This increase is especially notable because long-term investors rarely move their coins. When they do, it is often a sign of a change in market trend. When the consumer age index spikes amid falling prices, it signals a sudden move or trade in aged coins.
This increase in activity may indicate that long-term investors, who may have been waiting for the right market conditions, are deciding to sell their shares amid falling prices.
Notably, the increase in NEIRO Exchange Flow Balance confirms this selling activity. According to Santiment, the index, which measures the net difference between the amount of assets deposited into the exchange and the amount of assets withdrawn during a specific period, has increased 158% over the past 24 hours. At the time of writing, it stands at 828.54 million NEIRO Tokens.
When this index spikes, it indicates a significant increase in the amount of assets deposited on exchanges. It shows that investors are preparing to sell, leading to downward price pressure.
NEIRO Price Forecast: Fall to $0.0019 or Rise to All-Time High?
Copper meme coins currently trading at $0.0023, having broken the $0.0024 support level. A break below this support line confirms the downtrend and suggests that the price may continue to decline. If NEIRO Token price continues to decline, it will likely touch $0.0019.
However, this bearish outlook would be invalidated if the NEIRO token experiences a rebound in demand, pushing it back above $0.0024 and positioning it to reclaim its all-time high of $0.0031 .
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