NEIRO price surges 20%… Why are investors so excited?

Despite the prolonged downtrend, NEIRO holders have decided not to sell their tokens even after a 20% surge in the past 24 hours. This sentiment reflects an optimistic view that the recent upward trend of the meme coin is not yet over. However, is this optimism justified? In this on-chain analysis, Beincrypto examines whether the decision of NEIRO holders to continue holding the meme coin can pay off. NEIRO Investor Sentiment Surges with Increased Adoption The recent price surge of NEIRO has brought the meme coin within 10% of its all-time high. It is currently trading at $0.0021, and on-chain data on sentiment shows that the daily on-chain volume in profit is around $1.232 billion. This volume is relatively lower compared to previous periods when NEIRO experienced notable upswings. For example, on September 16th, the realized profit spiked to $448.3 billion. There were also several instances in October where the profit volume was higher than the current level. Additionally, this surge indicates that many NEIRO holders have strong investor sentiment. If this trend continues, NEIRO's price can maintain an upward trajectory. NEIRO Price Analysis: Expecting a New All-Time High From October 30th to Tuesday, November 5th, NEIRO's price plummeted from $0.0017 to $0.0013. However, the 4-hour chart shown below indicates that the meme coin has broken out of a downtrend line, with selling pressure decreasing. This breakout and support at $0.013 have ensured that the cryptocurrency does not fall below that level. Meanwhile, the Average Directional Index (ADX) is also following an upward trend. ADX is a key technical indicator used to evaluate the strength of a trend. While values below 25 generally indicate weak directional momentum, the current ADX of 42.49 suggests that NEIRO's uptrend is strengthening and can continue in the short term. If NEIRO holders maintain their sentiment and refrain from selling, the price can surpass $0.0023 and potentially set a new all-time high. However, if profit-taking occurs earlier, the token may not reach that price and could instead retrace to $0.0015.