The price of NEIRO has experienced a decline of 4.50% in the past 24 hours, dropping to $0.001757. This decrease in price has also led to a drop in market cap, which now stands at $738.96 million, reflecting the 4.50% decrease. However, trading volume has seen a significant increase of 18.04%, reaching $328.29 million during the same period. With a volume-to-market cap ratio of 44.82%, it is evident that there has been strong trading activity. Despite the slight dip in market valuation, these indicators suggest a recent surge in trading.
GSR Markets has recently withdrawn a total of 33.73 million NEIRO, worth $2.85 million, from Bybit. This withdrawal indicates a potential cooling phase for the price. Over the past 14 days, GSR has withdrawn a total of 74.13 million NEIRO, which accounts for 7.41% of the total supply. In addition, another recent withdrawal by GSR saw 25.4 million NEIRO ($2.41 million) removed from Bybit 8 hours ago, suggesting a strategy of market accumulation.
On October 12, GSR’s holdings surpassed Wintermute’s, totaling 40.4 million NEIRO, which is equivalent to 4.04% of the total supply. Furthermore, 38 million NEIRO tokens were transferred to Binance for a marketing campaign, indicating an upcoming development that could potentially influence the price.
Looking at technical indicators, the moving average (MA) shows a bearish crossover between the 9-day and 21-day MAs, indicating further price declines. The RSI (Relative Strength Index) is currently at 69.71, close to the overbought zone, suggesting that selling pressure may increase soon. If the RSI continues to rise above 70, it could lead to a correction in NEIRO’s price.
The nearest support level for NEIRO is currently around $0.00168. If this level is broken, it could result in further price declines. However, a resistance level is forming near $0.00190, and if the price breaks this level, it may climb towards $0.0020. Nevertheless, the overall sentiment remains bearish due to the downward momentum indicated by the moving averages.
The price movement of NEIRO reflects significant activity from market makers, and the recent withdrawals suggest potential shifts in strategy. With technical indicators pointing towards a bearish outlook, the market may experience further corrections if key support levels are breached.
In other crypto news today, ApeCoin has made moves to transfer tokens to prominent accounts amid a price rally.
