First Neiro on Ethereum (NEIRO) rebound could be on the cards, as observed by BeInCrypto, which highlighted a reduction in selling pressure. On November 12, NEIRO’s price surged to $0.000030.
However, at press time, it had decreased to $0.0020. But this on-chain analysis reveals that the meme coin might fail to go extremely lower than this.
First Neiro on Ethereum Sees Bullish Sentiment
On November 12, NEIRO’s daily on-chain volume in profits was over 16 billion. This metric measures the number of tokens in realized profits. Typically, when the value increases, it means that holders have realized a lot of gains, and the price might decrease.
On the other hand, a decrease in the metric implies that selling pressure has decreased. As of this writing, the on-chain realized gains have dropped to 2.31 billion. This decline indicates that most NEIRO holders have halted booking profits.
If sustained, the NEIRO’s rebound could happen in the short term. Specifically, the potential rebound could see the price soar higher than $0.0025 as high demand for the token usually leads to double-digit hikes.
First Neiro on Ethereum Volume in Profits. Source: Santiment
Further, NEIRO is experiencing a surge in its Weighted Sentiment, a metric that captures market participants’ overall perception of a cryptocurrency. A rising sentiment indicates growing bullish commentary, whereas a decline reflects negative market views.
Currently, NEIRO’s Weighted Sentiment is nearing positive territory, signaling a potential shift toward bullish market sentiment. If this trend persists, it could boost demand for the meme coin, possibly driving NEIRO’s price higher.
However, sustained optimism and accompanying trading activity will be crucial for this momentum to translate into meaningful price gains.
First Neiro on Ethereum Weighted Sentiment. Source: Santiment
NEIRO Price Prediction: Notable Hike Coming
On the 4-hour chart, it appears that bulls are defending the $0.0020 support. The last time such happened, NEIRO’s price rallied to $0.0029.
If the meme coin aims to repeat such a pattern, it will have to contend with the $0.0022 resistance. Therefore, if buying pressure increases, NEIRO rebound could be validated. Should that be the case, the meme coin’s value could surpass $0.0030.
First Neiro on Ethereum 4-Hour Analysis. Source: TradingView
However, if profit-taking comes into play again or holders in losses sell, this prediction might not come to pass. Instead, the token could drop to $0.0017.