The meme coin NEIRO on the Ethereum blockchain is showing signs of a potential rebound. Current analysis suggests that the selling pressure on this token is decreasing, increasing the likelihood of a price recovery.
Decline in Realized Profits Indicates Reduced Selling Pressure
On November 12, NEIRO's price surged to $0.000030 but later dropped to $0.0020. However, on-chain analysis suggests that NEIRO may not fall significantly lower.
The daily volume of realized profits, which tracks the number of tokens sold for profit, decreased from over 16 billion to 2.31 billion. This decline indicates that most holders have stopped selling, creating conditions for potential price growth.
If this trend continues, NEIRO could rebound in the short term, with its price surpassing $0.0025. Increased demand for the token could further drive significant gains.
Improved Sentiment Supports Price Growth
NEIRO is also experiencing an increase in its weighted sentiment, a metric that measures the market's overall perception of the token. Rising sentiment reflects a more optimistic outlook and positive investor comments.
If this bullish sentiment persists, demand for NEIRO could increase, further supporting its price growth. Sustained optimism and higher trading activity will be crucial to maintaining this momentum.
NEIRO Price Prediction: Bullish Trend Ahead
On the 4-hour chart, bulls have so far managed to defend the key support at $0.0020. In a similar past scenario, NEIRO’s price climbed to $0.0029. If the resistance at $0.0022 is breached, NEIRO could surge to $0.0030.
However, if profit-taking resumes or holders start selling, the price could instead drop to $0.0017.
Conclusion
NEIRO shows potential for a rebound, supported by improving sentiment and declining selling pressure. Breaking the resistance at $0.0022 and holding the current support at $0.0020 will be critical. Sustained investor optimism and increased trading activity could help the token achieve further significant growth.
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