Neiro Ethereum (NEIRO) Surges by Over 1500%, But Profit-Taking May See Some of These Gains Diminish
- WBOYOriginal
- 2024-08-14 12:32:21479browse
Described as the “sister of the OG Doge,” the dog-themed meme coin Neiro Ethereum (NEIRO) has surged by over 1500% in the past month.
Meme coin Neiro Ethereum (NEIRO) has enjoyed an impressive run-up of over 1500% in the past month, attracting the attention of many traders.
Now, as NEIRO price nears the $0.25 resistance, several indicators suggest that the token may see some of its recent gains diminish in the coming days.
NEIRO Price Analysis: Higher Sell Orders, Token Flows into Exchanges
NEIRO price rose from $0.013 to $0.22 within seven weeks, clocking in gains of 1500%. The dog-themed meme coin has since rallied by a further 5% on the day to trade at $0.23.
At press time, NEIRO faces strong sell orders at $0.24 and $0.25, respectively. If more holders send their tokens to exchanges to sell at these levels, NEIRO price is likely to encounter selling pressure.
Santiment data reveals that NEIRO’s supply on cryptocurrency exchanges has increased by 63% over the past seven days. Some holders are moving their tokens to exchanges to sell at higher prices.
As of today, 62.4 million NEIRO tokens, valued at $15 million based on current market prices, are held on exchanges. Converesly, during the same period, the amount of NEIRO held outside of exchanges has declined by 2%.
A rise in an asset’s supply on exchanges indicates that its holders are preparing to sell their tokens. This often precedes an increased selling pressure and a possible price decline.
NEIRO Price Prediction: Token May Drop to $0.21 If Profit-Taking Persists
NEIRO price is likely to trade lower if more holders send their tokens to exchanges to sell at higher prices, as indicated by several on-chain metrics.
With a further 15% to the downside before reaching the next support zone, NEIRO risks falling to $0.21 if more holders sell their tokens en masse. If token selloffs persist, it may even slip below the $0.20 price level to exchange hands at $0.19.
However, if more traders begin to accumulate the altcoin and buying pressure spikes, NEIRO’s price may climb to $0.24 before pivoting to the next resistance level at $0.26.
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