Despite a prolonged period of decline, holders of First Neiro on Ethereum (NEIRO) have chosen not to sell their tokens even after a 20% increase in the last 24 hours. This approach reflects investors' optimism that the recent bullish trend for this meme coin is far from over.
But is this optimism justified? This on-chain analysis by BeInCrypto explores whether NEIRO holders’ decision to stick with the meme coin could pay off.
Investor Sentiment for NEIRO Rises with Adoption Growth
NEIRO’s recent price increase has brought it just 10% away from its all-time high. Currently trading at $0.0021, data from Santiment reveals that the daily volume of profitable on-chain transactions is around 12.32 billion.
However, this volume remains relatively low compared to NEIRO’s previous peaks. For example, on September 16, realized profits reached up to 448.33 billion, and volumes were similarly high in October.
The strong investor sentiment suggests that many NEIRO holders believe in further growth. If NEIRO can sustain this momentum, its price may continue to rise.
Network activity further reinforces this positive sentiment. Data from IntoTheBlock shows a 130% increase in active addresses over the past week, with notable growth in both new addresses and zero-balance addresses.
Active addresses serve as a key indicator of user engagement, suggesting that more investors are actively interacting with NEIRO.
Meanwhile, the rise in new addresses points to growing adoption of NEIRO on the Ethereum platform, potentially reflecting increased demand for this token. If this trend persists, NEIRO may be able to maintain its upward momentum.
NEIRO Price Analysis: New High on the Horizon
Between October 30 and November 5, NEIRO’s price dropped from $0.0017 to $0.0013. However, on the 4-hour chart, it’s evident that selling pressure has eased as NEIRO broke through its descending trendline.
This breakout, supported by the $0.013 level, helped prevent further decline. The Average Directional Index (ADX) also shows a positive trend.
ADX is a critical technical indicator for assessing trend strength. A reading below 25 typically signals weak momentum, but with ADX currently at 42.49, it suggests NEIRO's bullish trend is gaining strength and could continue.
If investors hold their sentiment and refrain from selling, NEIRO’s price could surpass $0.0023 and potentially reach a new all-time high. Conversely, if profit-taking occurs, the price may fall back to $0.0015.
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