While most meme coins in the market have faced steep declines over the past 24 hours, First Neiro on Ethereum ($NEIRO ) has stood out, achieving an 11% price surge. This unexpected resilience has brought attention to NEIRO’s potential, as on-chain metrics hint at the factors driving its strong performance amidst a bearish trend. Here’s an in-depth look at the dynamics fueling NEIRO’s momentum and where its price might be headed next.
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NEIRO Volume Surges as Whale Investors Show Interest
On-chain data from Santiment links NEIRO’s price boost to a significant increase in trading volume. For cryptocurrencies, volume reflects market engagement, showing the total buy and sell transactions over a specific period. High volume indicates strong investor interest, while a drop may suggest waning enthusiasm.
On October 24, NEIRO’s volume briefly dipped toward $300 million but soon rebounded, reaching $512.84 million. This sharp increase highlights rising market interest in NEIRO, which, if sustained, could support further price momentum.
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Whale Accumulation Boosts NEIRO’s Price Resilience
Another driver behind NEIRO’s recent price strength is the accumulation of tokens by “whales,” or large-scale investors. Earlier this week, wallet addresses holding more than 1 billion NEIRO tokens collectively held just under 318 billion tokens. That number has now grown to 322.72 billion, pointing to significant whale accumulation.
When large investors accumulate, their activity can often lift prices. The substantial stake whales have taken in NEIRO has reinforced its price stability, supporting demand and allowing NEIRO to defy broader market trends.
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Analyzing Bullish Price Indicators for NEIRO
NEIRO is currently trading around $0.0016, showing solid bullish momentum. On the daily chart, the Chaikin Money Flow (CMF) indicator has recently turned upward. The CMF, which ranges from +1 to -1, measures buying and selling pressure by assessing money flow volume. When the CMF rises, it suggests heightened buying pressure, indicating active accumulation by investors.
For NEIRO, the rising CMF signifies that buyers are driving market activity, a sign of potential upward movement and increased interest in the token.
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Price Outlook: Can NEIRO Maintain Its Bullish Trend?
If the trend of whale accumulation and rising volume holds steady, NEIRO could target a price of $0.0020 in the short term. However, should selling pressure increase and distribution outweigh accumulation, NEIRO might face a pullback, potentially finding support around $0.0011.
Conclusion: Backed by positive on-chain metrics and strong whale interest, NEIRO’s recent performance suggests it may be well-positioned to weather market volatility. As trading volume climbs and whales continue to accumulate, NEIRO stands out as a promising contender in the evolving meme coin landscape.
