Vitalik Buterin's NEIRO ETH Sell-Off Triggers Price Drop
- Vitalik Buterin's sell-off led to a 27% plunge in NEIRO ETH price.
- The token faces negative sentiment and bearish momentum.
- RSI nearing oversold levels may suggest a short-term bounce.
Vitalik Buterin's NEIRO ETH Sale Sparks Market Panic
The NEIRO ETH price plunged dramatically by 27% on Monday, following a significant sell-off by Ethereum co-founder Vitalik Buterin. Despite maintaining steady trading volume, the token faces negative investor sentiment and ongoing sell pressure, highlighting the need for NEIRO ETH to hold its support levels to avoid further declines.
Vitalik Offloads His Neiro Airdrop; Price Plummeted
Early Monday, Vitalik Buterin sold off a substantial portion of his NEIRO ETH allocation, contributing to the token's sharp decline. This sale occurred less than two days after the NEIRO ETH team airdropped 4% of their token supply to Buterin, possibly as a marketing move inspired by Shiba Inu. Buterin’s decision to sell 17.1 billion NEIRO ETH in one go resulted in 44.42 ETH ($241,620), intensifying the market's negative sentiment and contributing to the token's downward trend.
The NEIRO ETH price has been consolidating within a descending channel, a pattern indicative of bearish momentum. Recent candlesticks show a consistent trend of lower highs and lower lows, suggesting continued pressure on the token's price. The 50-day Exponential Moving Average (EMA) is currently above NEIRO ETH's current price, further underscoring the bearish trend.
The key support level for NEIRO ETH is around $0.10, located at the lower boundary of the descending channel. If the price action breaks below this support, NEIRO ETH could potentially crash by 85% against the USDT and 50% against Wrapped ETH. Resistance levels are identified at $0.1385 and higher at $0.14, coinciding with the upper trend line of the falling channel.
Additional technical indicators reinforce the bearish outlook. The Relative Strength Index (RSI) stands at 44.58, nearing oversold territory, which may suggest a short-term bounce but does not alter the overall bearish trend.
The Chaikin Money Flow (CMF) is at -0.01, indicating a neutral position with slight selling pressure, hinting at difficulties in maintaining current support levels. The daily trading volume is 1.02 million, showing steady activity but no significant spikes that would indicate a strong market move in either direction.
Conclusion
The NEIRO ETH price continues to face significant challenges following Vitalik Buterin's large-scale sell-off. Despite steady trading volumes, the token struggles with negative sentiment and bearish technical indicators. Key support levels are being tested, and the overall trend remains downward within a descending channel. While there is a slight possibility of a short-term bounce due to the RSI nearing oversold levels, the market remains largely fearful.
