Neiro Ethereum

Date: Wed, Oct 30, 2024, 08:44 AM GMTNeiro Ethereum (NEIRO), the hot memecoin, has been on a notable upswing, gaining over 20% in the past seven days. However, the token is experiencing a cool-down today, with prices dipping by 5% in the last 24 hours to approximately $0.92. This dip comes amid significant movement from major market players.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/48eebe5e93c14042895ddc9f109f0519.png" />Source: Coinmarketcap<h2 id="header-0">GSR Markets Withdrew 43.01M $NEIRO Tokens</h2>On-chain analysis by <a href="https://x.com/ai_9684xtpa/status/1851514087638979063" rel="noopener noreferrer nofollow">&#64;ai_9684xtpa</a> revealed that 13 hours ago, market maker GSR Markets withdrew 43.01 million NEIRO tokens from the Bybit exchange. This withdrawal, valued at about $4.26 million, accounts for 4.3% of NEIRO’s total token supply.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/07e65bfa287f4f06a1111e5279f7a8f4.jpeg" />Source: &#64;ai_9684xtpa (X)This marks another substantial shift by GSR Markets, who received a total of 74.13 million NEIRO tokens since October 8. Interestingly, they had <a href="https://coinsprobe.com/gsr-markets-transfers-7-41-of-neiro-ethereums-supply-back-to-bybit-what-it-means-for-investors/" rel="noopener noreferrer nofollow">transferred </a>this full amount, worth roughly $5.53 million, back to Bybit on October 26, a move followed by a noticeable price pump.Market makers like GSR play a crucial role in cryptocurrency ecosystems, providing liquidity by continuously buying and selling tokens to stabilize trading.<h2 id="header-1">Technical Analysis</h2>The attached chart for NEIRO/USDT on a 4-hour timeframe shows NEIRO’s recent price action between key support and resistance zones. After <a href="https://coinsprobe.com/neiro-ethereum-neiro-gains-momentum-following-breakout-and-whale-accumulation-more-gains-ahead/" rel="noopener noreferrer nofollow">breaking out</a> from the descending channel, the price surged, but now it appears to be consolidating just below the resistance level.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2099f8c56f74408994af60f0fb369e5a.png" /><ul><li>Resistance (R): $0.10 – This zone has acted as a key barrier, and NEIRO is struggling to break above this level. A strong breakout above $0.10 could open up new upside potential.</li><li>Support (S): $0.086 – This is the nearest support level, where NEIRO may find buying interest if it dips further. Holding above this support would be crucial to maintain a bullish outlook.</li><li>Potential Targets (T): If NEIRO manages to clear the resistance at $0.10, it could aim for higher targets around $0.14. However, reaching these levels will likely require sustained buying pressure and broader market support.</li></ul><h2 id="header-2">What to Expect Ahead?</h2>With GSR Markets actively managing NEIRO’s liquidity, further price fluctuations can be expected. The resistance level at $0.10 remains crucial—should NEIRO break through, it may catalyze a fresh rally toward higher targets. However, failure to sustain above support at $0.086 could signal further consolidation or a potential retracement. Traders should keep an eye on these key levels and watch for any major market maker movements.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/top-layer-1-tokens-sui-and-sei-gains-bullish-momentumkey-levels-to-watch/" rel="noopener noreferrer nofollow">Top Layer-1 Tokens SUI and SEI Gains Bullish Momentum—Key Levels To Watch.</a>

GSR Markets Pulls 43.01M Neiro Ethereum (NEIRO), Amounting to 4.3% of Token Supply

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