Neiro Ethereum (NEIRO) May Lose Recent Gains as Vitalik Buterin Sells Airdropped Tokens

Dubbed the “sister of the OG Doge,” the dog-themed meme coin Neiro Ethereum (NEIRO) has seen a remarkable price surge over the past week.

Despite being dubbed the “sister of the OG Doge,” a meme coin that has seen a remarkable price surge over the past week is now at risk of losing these gains. The dog-themed meme coin, known as Neiro Ethereum (NEIRO), has continued its upward trajectory even as the overall market trended down in the past 24 hours.

NEIRO soared by 13% during this time frame, with the meme coin being up by over 120% in the past seven days. However, these gains may not be able to hold, as there appears to be a lack of actual demand for the meme coin by market participants.

This lack of demand became evident on Monday, as market readings indicate an uptick in selling pressure on NEIRO. The meme coin began to slide in the early trading hours of Monday, with readings indicating that traders are offloading their holdings.

According to data from Etherscan, NEIRO's price dropped by over 15% in the past 24 hours, with the meme coin trading at $0.34 at the time of this report. Notably, a single transaction that sold the entire amount of NEIRO airdropped to Vitalik Buterin (44.42 ETH, valued at approximately $241,620) appeared to put downward pressure on NEIRO's price.

This move by Buterin might have signaled traders to sell their holdings quickly, leading to the selling pressure on NEIRO.

The selling pressure is further confirmed by the Parabolic Stop and Reverse (SAR) indicator on NEIRO's four-hour price chart. This indicator tracks price trends and identifies potential reversal points. When the dots are above an asset's price, it signals a downtrend, indicating increased selling activity and the likelihood of continued price decline.

At press time, NEIRO's SAR indicator dots rest above its price on the four-hour chart. This placement suggests that selling pressure is increasing among market participants.

Furthermore, NEIRO's Relative Strength Index (RSI) is below its 50-neutral line, indicating selling pressure. NEIRO's RSI sits at 44.33, suggesting that selling activity currently outweighs buying activity among market participants.

Additionally, NEIRO's Bollinger Bands are expanding, indicating increased market volatility. Bollinger Bands measure an asset's market volatility and identify potential overbought or oversold conditions.

When the gap between the upper and lower bands widens, it indicates increased market fluctuation. This situation puts NEIRO at risk of significant price swings as market trends shift.

If NEIRO sheds its recent gains, its next target is $0.09. This will mark a 25% decline from its current market price.

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