While many meme coins have seen values drop, First Neiro on Ethereum (NEIRO) stands out with an 11% price increase over the past 24 hours. This unique surge has sparked curiosity among investors. Here, we break down the factors driving NEIRO’s recent performance and explore its potential trajectory.
NEIRO Volume Increases, Attracting Whale Investors
According to on-chain data from Santiment, NEIRO’s price growth is largely due to a notable rise in trading volume. Volume measures the total buy and sell transactions within a set period, with a high volume typically signaling strong investor interest.
On October 24, NEIRO’s volume almost dipped below $300 million but rebounded to $512.84 million shortly after, indicating increased engagement. If this rising volume continues, it could further drive NEIRO’s price upward.
Additionally, large investors—or “whales”—have recently increased their holdings in NEIRO. The amount held by wallets with over 1 billion NEIRO tokens jumped from 318 billion to 322.72 billion tokens. Whale interest usually impacts price positively, as substantial accumulation tends to create upward pressure on value.
Technical Analysis: Bullish Indicators Suggest Possible Price Increase
As of now, NEIRO’s price sits at $0.0016. On the daily chart, the Chaikin Money Flow (CMF) indicator has turned upward. The CMF, which ranges between +1 and -1, shows whether an asset is experiencing buying or selling pressure. When the CMF rises above 0, it indicates more accumulation or buying, signaling bullish sentiment.
In NEIRO’s case, the upward CMF suggests active buying pressure, hinting that investors may continue accumulating NEIRO. This bullish trend could push the token’s price to $0.0020 if demand sustains. However, if selling pressure, or “distribution,” outweighs accumulation, NEIRO’s price might dip to $0.0011.
