NEIRO Gains Traction Amid A Volatile Week For Cryptos

The market's biggest gainer over the last seven days is First Neiro on Ethereum (NEIRO), whose price has surged by 60% in the last week.

Source: CoinMarketCap 

The altcoin hit a record high of $0.0019 on Wednesday. Despite a brief decline that has since occurred, NEIRO's technical setup indicates that it is poised to recover this high and rise above it. The market's biggest gainer over the last seven days is First Neiro on Ethereum (NEIRO), whose price has surged by 60% in the last week.

The price of NEIRO has been rising sharply since it was recently listed on major exchanges, demonstrating amazing momentum. From a low starting value of $0.000031 to its current value of $0.0016, the token has increased by more than 3400%.

Since there is no established historical price data or resistance levels to halt its rise, the NEIRO price is currently trading in uncharted territory. If market enthusiasm continues to be strong, the token may be able to maintain its upward momentum.

A major milestone has been reached as the price of NEIRO has now broken into the top 100 cryptocurrencies by market capitalization. Because of this accomplishment, it is now one of the more well-known and fiercely competitive companies in the cryptocurrency market.

Even though the rally has been spectacular, there will probably be more competition for future price increases. The price of NEIRO will face competition from well-known projects and established coins as it rises in the rankings, making its ascent more difficult in the future. 

Further gains may be possible if the NEIRO price maintains its excitement and community interest. Investors should exercise caution, though, as the excitement can also cause volatility, particularly now that the token is entering a more competitive market.

The altcoin hit a record high of $0.0019 on Wednesday. Despite a brief decline that has since occurred, NEIRO's technical setup indicates that it is poised to recover this high and rise above it.

NEIRO's price increase has been accompanied by the rise in open interest in futures. The altcoin's futures open interest is currently at an all-time high of $196 million, up 168% since the start of this month, according to Coinglass data.

A rise in both price and open interest usually indicates that the current trend is robust and being bolstered by fresh capital entering the market. This bullish signal shows that traders are optimistic about the asset's future growth.

Furthermore, the funding rate for NEIRO, coming from the crypto exchange sector, has a positive mark, which drives bulls even harder into the project. Such a positive funding rate metric usually indicates a strong bullish bias towards the project, as more and more traders are keen on maintaining a part of their investments into a crypto like NEIRO, which also doubles as anticipation of NEIRO’s price tag continuing its ascent.

However, the recent NEIRO price surge inevitably brings speculative trading on board, as data from the average coin age confirms that speculative traders are in town. Indeed, the metric shows a 51% fall in the average coin age in the past week.

The coin age metric is vital for the health of a given project, as the falling coin age suggests that short-term players and day traders are entering the scene in opposition to long-term traders.