- 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.
In the past month, memecoins have significantly outperformed major altcoins. Among them, Neiro coin [NEIRO] stands out, having surged by 114.07%.
However, the past week saw a drastic shift in NEIRO’s market sentiment. In fact, at press time, the coin 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%.
These conditions raise questions about the memecoin’s trajectory, with Santiment analysts predicting a market recovery in the near term.
Inflow into exchanges hit +1M
According to Santiment analysis, the recent dip arose from increased inflow into exchanges.
Source: Santiment
Based on this data, NEIRO has seen more than $1 million of deposits coming into exchanges, resulting in selling pressure.
Usually, a rise in exchange inflow means that investors are preparing to sell their tokens. Therefore, these deposits ended up being sold, resulting 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.
Source: Santiment
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.
Source: Coinglass
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.
Source: Santiment
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.
Source: Santiment
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.
Read Neiro’s [NEIRO] Price Prediction 2024–2025
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.
