The recovery of Neiro/Ethereum (NEIRO) may be on a trend, according to observations from BeInCrypto, highlighting reduced selling pressure. On November 12, NEIRO's price rose to $0.000030.
However, at the time of writing, it has declined to $0.0020. But this on-chain analysis suggests that the meme coin may not drop too low at this level.
Neiro/Ethereum sees bullish sentiment
As of November 12, the daily on-chain profit volume of NEIRO reached over 16 billion VND. This data measures the number of tokens in actual profit. Typically, when the value increases, it means that holders have realized a lot of profit and the price may decrease.
On the other hand, the decline in the index implies that selling pressure has decreased. As of the time of writing, realized profits on-chain have dropped to 2.31 billion. This decline suggests that most NEIRO holders have paused profit-taking.
If maintained, NEIRO's recovery could occur in the short term. Specifically, potential recovery could see the price rise above $0.0025 as high demand for tokens often leads to double-digit increases.
Neiro/Ethereum in terms of profit. Source: Santiment
Furthermore, NEIRO is experiencing an increase in its Sentiment, a metric that captures the general perception of market participants about cryptocurrency. Increasing sentiment indicates a growing bullish commentary, while a decline reflects negative market views.
Currently, NEIRO's Sentiment is nearing the positive zone, signaling a potential shift towards bullish market sentiment. If this trend continues, it could drive demand for the meme coin, potentially pushing NEIRO's price higher.
However, sustained optimism and accompanying trading activity will be crucial for this momentum to translate into significant price increases.
Neiro on the weighted sentiment of Ethereum. Source: Santiment
NEIRO price prediction: Set to increase significantly
On the 4-hour chart, it appears that the bulls are defending the support level of $0.0020. The last time that happened, NEIRO's price rose to $0.0029.
If the meme coin aims to replicate such a pattern, it will face resistance at $0.0022. Therefore, if buying pressure increases, NEIRO's recovery could be confirmed. If so, the value of the meme coin could surpass $0.0030.
Neiro/Ethereum 4-hour analysis. Source: TradingView
However, if profit-taking kicks in again or losing holders sell, this prediction may not materialize. Instead, the token could drop to $0.0017.
