Neiro (NEIRO) Price Prediction: Will the Memecoin Reclaim the Monthly Bullish Trend?

In the past month, memecoins have significantly outperformed major altcoins. Among them, Neiro coin [NEIRO] stands out, having surged by 114.07%.

Memecoin NEIRO [NEIRO] saw a massive surge last month, outpacing major altcoins with gains of 114.07%. But the past week brought a drastic shift.

At press time, NEIRO was trading at $0.001744. This marked a 5.50% dip on daily charts, with the memecoin also dropping on weekly charts by 19.42%.

With such a drastic shift, several questions arise about NEIRO’s trajectory, especially given the memecoin saw a massive surge last month. But Santiment analysts predicted a market recovery in the near term.

Inflow into exchanges hit +1M

The recent dip, according to Santiment analysis, arose from increased inflow into exchanges.

Based on this data, NEIRO has seen more than $1 million of deposits coming into exchanges, which led to selling pressure.

Usually, a rise in exchange inflow means that investors are preparing to sell their tokens. Hence, these deposits ended up being sold, which resulted in higher selling pressure.

This drives prices down, with sellers dominating the market. However, Santiment analysis posited that these deposits have cooled down significantly, and the market may return to the monthly trend.

The question is, can the memecoin reclaim the monthly bullish trend, or will bears continue to dominate the market?

What NEIRO’s charts say…

While Santiment suggests these deposits into exchanges have cooled down, it’s essential to determine what other market indicators suggest.

The memecoin’s active addresses have steadily declined over the past month, dropping from 19,316 to 4,422. Such a massive drop points to a reduction in market participation and demand.

This low demand is further supported by a drop in volume, as NEIRO’s volume has dipped from $4.43 billion to $970.33 million, a 78.10% decline over the past month.

Additionally, NEIRO’s supply outside of exchanges has been dwindling over the same period.

So, supply outside of exchanges has experienced a sustained drop, signaling higher liquidity, which eventually leads to higher selling pressure.

Finally, NEIRO’s active withdrawals from exchanges have declined from 38 to 8 over the past month. This implies that most investors are keeping their assets in exchanges, preparing to sell.

Simply put, the memecoin was experiencing a strong bearish market sentiment.

These market conditions could set the memecoin up for a further decline in its price charts. Therefore, if the current sentiment holds, the memecoin will find support around $0.001280.