- NEIRO declined by 19.42% in the past week, as exchanges saw $1 million in deposits.
- Market fundamentals indicated that Neiro was experiencing strong bearish sentiment.
As a seasoned analyst with over two decades of experience in the crypto market, I have seen my fair share of bull runs and bear markets. Looking at Neiro’s [NEIRO] current performance, it’s clear that we are witnessing a shift in market sentiment towards a bearish trend.
Over the last four weeks, meme-based cryptocurrencies have shown remarkable growth compared to prominent altcoins. Notably, among these, Neiro Coin [NEIRO] has made a striking impact, soaring by an impressive 114.07%.
Actually, there’s been a significant change in investor attitudes towards NEIRO over the last seven days. At this moment, the coin is being traded for approximately $0.001744.
Today’s decline represented a 5.50% drop on daily graphs, and even on weekly charts, the memecoin experienced a fall of approximately 19.42%.
As an analyst examining this memecoin, I find myself pondering its potential future path due to certain factors that have come into play. Our team at Santiment is optimistic about a market rebound in the short term.
Inflow into exchanges hit +1M
According to Santiment analysis, the recent dip arose from increased inflow into exchanges.
From the provided information, it appears that over $1 million worth of deposits have flowed into exchanges where NEIRO is traded. This influx may lead to increased selling activity due to holders looking to cash out their assets.
Generally speaking, an increase in incoming exchange deposits often indicates that investors plan to offload their tokens. Consequently, these assets get listed for sale, leading to increased selling pressure.
This drives prices down, with sellers dominating the market.
On the other hand, the Santiment analysis suggests that these deposits have cooled off considerably, which could potentially lead the market to revert back to its usual monthly trend.
Is it possible for the meme coin to regain its upward momentum in the monthly chart, or will the bears maintain control over the market?
What NEIRO’s charts say…
Although Santiment implies that the inflow of deposits into exchanges has slowed, it’s crucial to examine other market signals as well.
Over the last month, there’s been a significant decrease in the number of active wallets using this memecoin. Starting at 19,316 addresses, it has now dropped to just 4,422. This substantial decline suggests less engagement and demand from the market.
The decrease in demand can be attributed to the significant drop in sales, with NEIRO’s sales falling from $4.43 billion to $970.33 million over the past month – a substantial reduction of 78.10%.
Additionally, NEIRO’s supply outside of exchanges has been dwindling over the same period.
It seems that the availability of goods outside the exchanges has been consistently decreasing, indicating increased liquidity. This situation often results in heightened selling pressure as more individuals may choose to sell their holdings.
Over the past month, the number of active withdrawals from NEIRO’s exchanges has decreased significantly, going from 38 to just 8. This suggests that many investors are choosing to hold onto their assets on these platforms, possibly in anticipation of making a sale.
Read Neiro’s [NEIRO] Price Prediction 2024–2025
Simply put, the memecoin was experiencing a strong bearish market sentiment.
Under these market trends, it’s possible that the memecoin may experience a continued drop in its value as depicted on the price graphs. If the present mood persists, the memecoin might find a stable level near approximately $0.001280.
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2024-10-22 21:44