NEIRO Eyes 55% Drop as Buyers’ Exhaustion Sets In

First Neiro on Ethereum (NEIRO) is experiencing a price pullback after a prolonged surge that saw the meme coin hit several all-time highs over the past month.

Now trading at $0.0020, NEIRO has dropped 14% in the last 24 hours, making it the top market loser.

First Neiro on Ethereum Sees Spike in Selloffs

An uptick in trading volume has accompanied NEIRO’s double-digit decline over the past 24 hours. During the period in review, this has totaled $685 million, climbing by 12%. 

When an asset’s price declines but trading volume rises, it suggests investors are selling off to lock in profits after significant gains. Higher volume during price drops may also indicate panic selling, as traders rush to exit positions in response to falling prices, potentially accelerating the decline.

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NEIRO Price/ Trading Volume. Source: Santiment

The decline in NEIRO holdings among whales, or large investors, reinforces this bearish outlook. Over the past week, NEIRO whales holding between 1 million and 100 million tokens have steadily reduced their exposure.

On-chain data reveals that this group now consists of 1,252 addresses, having seen a 5% drop in their count in just seven days. A decline in large holders can signal that the asset is becoming less attractive, leading to decreased trading activity.

NEIRO Supply Distribution. Source: Santiment NEIRO Price Prediction: A Resurgence In Demand Is What Is Needed

Readings from NEIRO’s moving average convergence/divergence (MACD) indicator show that its MACD line (blue) has crossed below its signal line (orange) and is in a downtrend toward the zero line. 

When the MACD line falls below the signal line, it suggests that the market momentum is shifting from bullish to bearish, indicating that selling pressure may be increasing. Further movement toward the zero line suggests a strengthening downtrend. If this persists, NEIRO’s price will extend its downward trend and may fall by 55% to $0.00091.

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NEIRO Price Analysis. Source: TradingView

However, if it witnesses a resurgence in demand, the NEIRO’s price may reclaim its all-time high of $0.0023 and attempt a rally past it.

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