The price of First Neiro on Ethereum (NEIRO) has soared 87% in the past week, becoming the market’s biggest gainer over the past seven days.
On Wednesday, the altcoin hit an all-time high of $0.0019. Although it has seen a brief pullback since then, its technical setup suggests that NEIRO is poised to reclaim this high and surpass it.
First Neiro on Ethereum in the mouth of the community
A surge in futures open interest has accompanied the price rally of First Neiro on Ethereum. Data from Coinglass shows that the altcoin’s futures open interest is currently at an all-time high of $196 million, up 168% since the start of this month.
When both price and open interest increase, it typically suggests that the current trend is strong and supported by new money entering the market. This bullish signal indicates that traders are confident in the asset’s upward movement.
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Furthermore, the funding rate of First Neiro on Ethereum across all cryptocurrency exchanges has been persistently positive, confirming the bullish bias towards it. At the time of writing, it is 0.0077%.
NEIRO futures open interest. Source: Coinglass
A positive funding rate can indicate strong bullish sentiment in the market as more traders are willing to go long. This signals that more traders expect the price to continue rising than those anticipating a decline.
However, the rise in NEIRO’s price has also led to a spike in speculative trading, as evidenced by the gradual decline in the coin’s average age over the past week. This metric, which tracks the average age of all coins in circulation, has seen a 51% drop in the past seven days.
NEIRO funding rate. Source: Coinglass
When an asset's average coin age drops, it suggests that more speculative traders are entering the market and buying and selling coins for short-term gains, rather than holding them for the long term.
Average age of NEIRO coin. Source: Santiment
Price forecast
A drop in an asset’s average coin age typically signals profit-taking and a shift in market sentiment. If this triggers increased selling pressure, the NEIRO price could be at risk of losing recent gains, potentially falling 41% to as low as $0.00097.
NEIRO price analysis. Source: TradingView
However, if profit-taking subsides and buying pressure increases, the bearish outlook would reverse. In this case, the NEIRO price could not only recover but also potentially surpass its all-time high.
The article First Neiro on Ethereum (NEIRO) Leads Gains and Hits All-Time High appeared first on BeInCrypto.
