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First Neiro on Ethereum (NEIRO) surged to a new all-time high of $0.0031 during Tuesday’s trading session. However, the decline in activity in the broader cryptocurrency market has led the NEIRO token price to shed some of these gains. It currently trades at $0.0023, noting a 19% price decline over the past 24 hours.
This double-digit decline in NEIRO’s price has prompted some long-term holders to sell. With gaining selling momentum, NEIRO is poised to extend its price fall in the short term.
First Neiro on Ethereum Long-Term Holders Take Zero Chances
During Wednesday’s early trading hours, NEIRO’s age-consumed metric, which tracks the movement of long-held coins, noted a significant uptick. Per Santiment’s data, it skyrocketed to a weekly high of 92.04 billion.
This surge is notable because long-term holders rarely move their coins around. When they do, it often hints at a shift in market trends. When age consumed spikes during a price decline, it signals that older coins are suddenly being moved or transacted.
This spike in activity can indicate that long-term holders, who may have been waiting for the right market conditions, are deciding to sell their holdings amid the downturn.
Notably, the rise in NEIRO’s Exchange Flow Balance confirms the selling activity. According to Santiment, this metric, which measures the net difference between the amount of an asset sent to exchanges and the amount of an asset withdrawn over a specific period, has climbed by 158% over the past 24 hours. At press time, it sits at 828.54 million NEIRO tokens.
When this metric spikes, it indicates a significant increase in the amount of assets deposited to exchanges. It signals that holders are preparing to sell, leading to downward price pressure.
NEIRO Price Prediction: A Decline To $0.0019 or Rally Back To All-Time High?
The meme coin currently trades at $0.0023, having broken below the support level of $0.0024. This break below the support line confirms the downtrend and suggests the price fall may continue. Should the NEIRO token price continue to drop, it will likely reach $0.0019.
However, this bearish outlook would be invalidated if the NEIRO token experiences a resurgence in demand, propelling it back above the $0.0024 mark and positioning it to reclaim its all-time high of $0.0031.