First Neiro on Ethereum (NEIRO) rebound could be on the cards, as observed by BeInCrypto, which highlighted a reduction in selling pressure. On November 12, NEIRO’s price surged to $0.000030.

However, at press time, it had decreased to $0.0020. But this on-chain analysis reveals that the meme coin might fail to go extremely lower than this.

First Neiro on Ethereum Sees Bullish Sentiment

On November 12, NEIRO’s daily on-chain volume in profits was over 16 billion. This metric measures the number of tokens in realized profits. Typically, when the value increases, it means that holders have realized a lot of gains, and the price might decrease.

On the other hand, a decrease in the metric implies that selling pressure has decreased. As of this writing, the on-chain realized gains have dropped to 2.31 billion. This decline indicates that most NEIRO holders have halted booking profits.

If sustained, the NEIRO’s rebound could happen in the short term. Specifically, the potential rebound could see the price soar higher than $0.0025 as high demand for the token usually leads to double-digit hikes.

Further, NEIRO is experiencing a surge in its Weighted Sentiment, a metric that captures market participants’ overall perception of a cryptocurrency. A rising sentiment indicates growing bullish commentary, whereas a decline reflects negative market views.

Currently, NEIRO’s Weighted Sentiment is nearing positive territory, signaling a potential shift toward bullish market sentiment. If this trend persists, it could boost demand for the meme coin, possibly driving NEIRO’s price higher.

However, sustained optimism and accompanying trading activity will be crucial for this momentum to translate into meaningful price gains.

NEIRO Price Prediction: Notable Hike Coming

On the 4-hour chart, it appears that bulls are defending the $0.0020 support. The last time such happened, NEIRO’s price rallied to $0.0029. 

If the meme coin aims to repeat such a pattern, it will have to contend with the $0.0022 resistance. Therefore, if buying pressure increases, NEIRO rebound could be validated. Should that be the case, the meme coin’s value could surpass $0.0030.

However, if profit-taking comes into play again or holders in losses sell, this prediction might not come to pass. Instead, the token could drop to $0.0017.

Bitcoin (BTC) has declined from its $93,495 peak, now trading at $92,428 as profit-taking accelerates.

Market sentiment, marked by “extreme greed,” signals a possible price reversal as traders increasingly lock in gains.

Bitcoin’s Rally Prompts Its Long-Term Holders To Sell

BeInCrypto’s assessment of BTC’s on-chain performance has shown a spike in coin distribution by its long-term holders (LTHs). These are investors who have held their coins for an extended period, typically defined as more than 155 days. 

Per Glassnode’s data, the coin’s Hodler Net Position Change dropped to a five-month low on Tuesday. This metric reflects the overall buying and selling activity of long-term Bitcoin holders. This decline indicates that the group sold over $3 billion worth of BTC on that day — their highest single-day sell-off since June 26.

Notably, BTC transactions have been significantly profitable over the past few weeks. As of this writing, the ratio of the coin’s daily transaction volume in profit to loss (assessed using a 30-day moving average) is 2.01. This suggests that for every BTC transaction that has ended in a loss, 2.01 transactions have returned a profit. 

Moreover, BTC’s market value to realized value (MVRV) ratio suggests that the coin may be overvalued, prompting more holders to sell. According to Santiment’s data, BTC’s current MVRV ratio is 182.06%.

At 182.06%, BTC’S MVRV ratio suggests that its current market value is significantly higher than its realized value. Therefore, if all coin holders were to sell, they would, on average, realize 182.06% profit. 

BTC Price Prediction: All Lies With the Coin’s Long-Term Holders

At press time, BTC trades at $92,428, slightly below its cycle peak of $93,495. If LTHs persist in their profit-taking activity, BTC’s price will fall further from this high, toward support below $90,000. According to readings from the coin’s Fibonacci Retracement tool, the next major support is formed at $83,983. 

However, if selling activity stalls and the coin sees a spike in new demand, its price will reclaim the $93,495 all-time high and attempt to rally past it. 

The long-awaited rally in the XRP price may be coming to a fast end, as a crypto analyst has predicted a 40% crash for the cryptocurrency. Despite XRP’s recent bullish momentum breakthrough to the $1 mark, the analyst has revealed that XRP is showcasing a Gravestone DOJI candlestick formation, signaling a bearish outlook for the cryptocurrency. 

XRP Price Expected To Crash 40% 

A crypto analyst identified as ‘Without Worries’ on TradingView has released a detailed analysis of the XRP price action, projecting a 40% crash in the short term. The analyst emphasized that this 40% decline could happen in days, with XRP set to witness a significant reversal from its recent price highs. 

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According to the TradingView crypto expert, the XRP price action witnessed an impressive 150% gain over the past 10 days. This price increase fueled its rise to the $1 milestone for the first time in three years. Despite these bullish developments, the analyst has highlighted several reasons and technical indicators that point to an imminent trend reversal and price correction for XRP. 

In the XRP price chart, the analyst identified and confirmed the Gravestone DOJI, a bearish candlestick pattern that appears during market tops and signals the potential for a price correction. The Gravestone DOJI candle indicates that buyers who had tried to push the price of XRP higher were significantly overwhelmed by sellers set on profit-taking. 

Another indicator that suggests that the XRP price could be preparing for a significant correction is the Relative Strength Index (RSI) and Money Flow Index (MFI) support breakouts. The RSI measures the speed and changes in an asset’s price movements, indicating whether it is overbought or sold. On the other hand, the MFI considers both price and volume, highlighting where the money is flowing. 

A support breakout in XRP’s RSI signals a potential trend reversal due to an overbought market. A breakout in MFI, which the analyst has stated is a very noteworthy indicator, suggests that funds are leaving an asset, ultimately signaling weakening buying pressure. 

More Factors That Suggest An Upcoming Crash

As mentioned earlier, the TradingView analyst has predicted that the XRP price may crash by 40%, meaning the cryptocurrency could drop from its current value of $1.11 to $0.66. In addition to the factors above, the market expert has stated that XRP’s price action is currently outside the Bollinger bands, which measure an asset’s price volatility. 

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The analyst has revealed that 95% of price actions occur within the bands. Hence, prices outside the Bollinger bands often signal a pullback or correction toward the mean point at $0.73. Moreover, he noted that the bands are curving inwards, suggesting that XRP buyers may be exhausted, increasing the likelihood of a price reversal. 

Furthermore, the TradingView crypto analyst highlighted that most traders are either long or bullish on XRP, which is a contrarian signal for the cryptocurrency’s price outlook. While he acknowledges a possibility for a continuous upward trend for XRP, the analyst has also noted that present indicators suggest a low probability. 

Featured image created with Dall.E, chart from Tradingview.com