Neiro Ethereum’s 542% Surge: Profit or Insider Play?

Neiro Ethereum made headlines in August 2024 with a jaw-dropping 542% return for investors. The token's meteoric rise grabbed attention, especially since it surged amid a mixed broader market. 

However, the excitement comes with a cloud of suspicion over insider sales. So, what could be ailing Neiro Ethereum?

Insider Selling Raises Concerns

Recent data from Bubblemaps reveals that insiders sold off about $9 million worth of Neiro Ethereum. This amount represents 10% of the total supply, with early investors, dubbed “initial snipers.” 

These  “initial snipers” have liquidated a significant portion of their holdings during the price rally. The insider selling has raised eyebrows, leading to questions about the token’s future performance. 

The market reacted swiftly to these developments. Neiro Ethereum’s price dropped over 22% within just 24 hours after the selling spree. This sharp decline highlights investor unease amid the ongoing volatility.

Technical Hurdles and Market Trends

The NEIRO/USDT pair had an impressive 110% gain over the last 24 hours, reaching $0.0893. Yet, the token faces crucial resistance that could impact its future movement. 

On the 4-hour chart, Neiro Ethereum struggles with a descending trendline that has limited its gains since mid-August. The current challenge is breaking through this barrier.

Technical indicators also present a cautious outlook. The Ichimoku Cloud shows Neiro Ethereum below the cloud, indicating resistance. 

The Tenkan-Sen and Kijun-Sen lines set resistance points at $0.0969 and $0.1101, respectively. Unless the token breaches these levels, the uptrend might stall.

Despite these technical hurdles, there’s a notable increase in smart money activity. Over 60 smart money addresses recently bought Neiro Ethereum, with net inflows surpassing $57,000.