In a sudden turn of events, the price of NEIRO has plunged by 4.72% in the last 24 hours, following a significant offloading of tokens by whales. Reports indicate that a whopping 33.73 million NEIRO tokens have been unstaked from Bybit, initiating a sharp correction phase for the cryptocurrency.
NEIRO, an Ethereum-based digital currency, has been witnessing heightened volatility, particularly due to large movements by major players in the market. The latest drop in price caught the attention of market analysts after GSR Markets, a key market maker, pulled out 33,730,233 NEIRO tokens from Bybit, valued at approximately $2.85 million. This figure represents a substantial 7.41% of the total circulating supply.
Over the last two weeks, GSR Markets has removed an eye-popping $74.1 million worth of NEIRO from the exchange, signaling an accumulation strategy. However, the massive withdrawal has triggered a bearish phase in NEIRO’s price, which has been struggling to maintain its bullish trend.
NEIRO’s Price Struggles Amid Market Correction
The NEIRO token, which was trading at $0.001468, saw its market capitalization drop to $686.54 million, following the whale activity. The market response has been turbulent, with the price exhibiting high volatility. Technical analysis of the NEIRO chart showed a period of price consolidation, with NEIRO unable to break through a key resistance level.
Several vertical red bars on NEIRO’s Binance trading chart indicate bearish momentum as the market processes the whale exits. The Awesome Oscillator, a key technical indicator, further suggests sideways movement and uncertainty.
While some analysts speculate that this could be a temporary correction, others are cautious, citing the possibility of prolonged downward pressure as whale behavior continues to influence market dynamics.
Stay tuned for further updates as the situation unfolds.
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