NEIRO experienced a decline of 4.50% in the past 24 hours, with its price dropping to $0.001757. This decrease in price is reflected in its market cap, which has also fallen by 4.50% to $738.96 million. However, despite these drops, trading volume has increased by 18.04% to $328.29 million, indicating strong trading activity. The volume-to-market cap ratio of 44.82% further supports this notion. These indicators suggest a recent surge in trading, despite a slight dip in market valuation.
GSR Markets recently withdrew 33.73 million NEIRO, worth $2.85 million, from the Bybit exchange. This withdrawal signals a potential cooling phase for the price of NEIRO. Over the past 14 days, GSR Markets has withdrawn a total of 74.13 million NEIRO, which accounts for 7.41% of the total supply. Another withdrawal by GSR saw 25.4 million NEIRO ($2.41 million) removed from Bybit 8 hours ago, indicating a strategy of market accumulation.
On October 12, GSR’s holdings exceeded those of Wintermute, with a total of 40.4 million NEIRO, amounting to 4.04% of the supply. Additionally, 38 million NEIRO tokens were transferred to Binance for a marketing campaign, suggesting an upcoming development that could have an impact on the price.
Looking at technical indicators, the moving average (MA) shows a bearish crossover between the 9-day and 21-day MAs. This crossover suggests further price declines. The Relative Strength Index (RSI) is currently at 69.71, close to the overbought zone, indicating that selling pressure may increase soon. If the RSI continues to rise above 70, it could lead to a correction in NEIRO’s price.
At present, the nearest support level for NEIRO is around $0.00168. If this level is broken, the price could potentially fall even further. However, resistance is forming near $0.00190. If the price manages to break this level, it may climb towards $0.0020. Despite this resistance, the overall sentiment remains bearish due to the downward momentum from the moving averages.
The price movement of NEIRO continues to reflect significant activity from market makers, and the recent withdrawals indicate potential shifts in strategy. With technical indicators pointing towards a bearish outlook, the market may face further corrections if key support levels are breached.
In other crypto news today, ApeCoin has moved its tokens to prominent accounts amid a price rally.
