• NEIRO price fell by 4.50% to $0.001757 in the last 24 hours.
  • GSR Markets withdrew 33.73M NEIRO from Bybit, signaling price cooling.

The current price of NEIRO stands at $0.001757, showing a 4.50% decrease in the past 24 hours. Its market cap has dropped by 4.50%, now sitting at $738.96 million. Trading volume has surged, increasing by 18.04% to reach $328.29 million in the same period. The volume-to-market cap ratio of 44.82% highlights strong trading activity. These indicators suggest a recent increase in trading, even though the market valuation has slightly dipped.

In recent transactions, GSR Markets withdrew 33.73 million NEIRO worth $2.85 million from Bybit, signaling a potential price cooling phase. Over the past 14 days, they have withdrawn 74.13 million NEIRO (7.41% of the total supply). Another recent 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 surpassed Wintermute’s with a total of 40.4 million NEIRO (4.04% of the supply). Additionally, 38 million NEIRO tokens were transferred to Binance for a marketing campaign, signaling an upcoming development that could influence the price.

Bearish Crossover and Resistance Challenges Ahead

Technical Indicators The moving average (MA) shows a bearish crossover between the 9-day and 21-day MAs, suggesting further price declines. The RSI (Relative Strength Index) is at 69.71, close to the overbought zone, indicating that selling pressure might increase soon. If the RSI continues to rise past 70, it could lead to a correction in NEIRO’s price.

Currently, the nearest support level is around $0.00168, and if this level breaks, the price could fall further. However, resistance is forming near $0.00190, and if the price breaks this level, it might climb towards $0.0020. However, the overall sentiment remains bearish due to the downward momentum from the moving averages.

The price movement of NEIRO continues to reflect heavy market maker activity, and the recent withdrawals signal potential shifts in strategy. As technical indicators lean towards a bearish outlook, the market might face further corrections if key support levels are breached.

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