First Neiro on Ethereum (NEIRO) stands out as one of the few meme coins to experience a price boost in the past 24 hours. While many meme coins witnessed significant declines, NEIRO’s value increased by 11% during this period.
This situation has generated interest in NEIRO’s strength. In this on-chain analysis, BeInCrypto examines the elements leading to the meme coin’s recent success and considers future price trends.
First Neiro on Ethereum: Volume Increases, Attracts Whales
As reported by Santiment, the rise in NEIRO’s price can be attributed to an upsurge in trading volume. Simply put, a cryptocurrency’s volume refers to the total transactions made during a specific time frame.
A rise in volume signifies active market participation, whereas a decrease indicates diminished engagement from investors regarding the token. On Thursday, October 24, the trading volume for the meme coin nearly fell below $300 million.
However, at the time of this report, the volume had surged to $512.84 million, reflecting a growing interest in the token. If this upward trend in volume persists, NEIRO’s market price may experience a similar increase.
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Another reason behind the increase in NEIRO’s price is the activity of major investors. Earlier this week, the total balance of addresses that held over 1 billion NEIRO tokens was just under 318 billion.
As of today, that number has climbed to 322.72 billion, suggesting that large investors, or ‘whales,’ have been significantly accumulating the token.
Typically, when whales buy large amounts of tokens, it creates upward pressure on the price, making the increase in value for NEIRO almost expected.
NEIRO Price Assessment: Bullish Outlook
Currently, NEIRO’s price sits at $0.0016. The daily chart reveals that the Chaikin Money Flow (CMF) has shifted upward.
The CMF moves between +1 and -1, with a centerline at 0, offering insights into market sentiment and potential price shifts. This metric helps indicate periods of accumulation (buying pressure) and distribution (selling pressure).
It also assists in identifying critical market signals, such as points of entry and exit. An upward movement in the CMF suggests accelerated buying activity, implying that more investors are beginning to accumulate the asset.
Conversely, a downward trend in the CMF signals distribution, indicating prevailing selling pressure as investors begin to divest their holdings. Therefore, in the case of NEIRO, the upward CMF reading indicates strong buying pressure and sets the stage for potential price increases.
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In this case, the value of the meme coin could potentially rise to $0.0020. On the flip side, if distribution surpasses accumulation, the price may dip to $0.0011.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis piece is intended solely for informational purposes and should not be interpreted as financial or investment advice. BeInCrypto is dedicated to providing accurate, impartial reporting; however, market conditions may change at any time without warning. It is essential to conduct your own research and consult with a professional before making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have recently been updated.
