NEIRO dropped 19% in a week, falling from $0.0007 to $0.0004661.
Despite whale buying, RSI and DMI pointed to ongoing bearish momentum in the near term.
Neiro [NEIRO] has been caught in a downtrend since tapping $0.0007 two weeks ago.
In that time, it slid nearly 19%, falling to $0.0004661 at press time. On the daily chart, the drop extended further, down 14.1% in just 24 hours.
Of course, such drawdowns often attract deep-pocketed buyers. And that’s exactly what played out. According to Onchain Lens, a whale withdrew 37.42 million Neiro tokens worth $3.08 million from Bybit.
Over the past five days, as Neiro’s price remained stuck, this whale has bought a total of 58.3 million Neiro tokens worth $4.64 million from Bybit and Gate.
When whales turn to massive accumulation, it signals growing confidence in the market, which is often viewed as a bullish signal.
But the rest of the market hasn’t followed suit.
Spot selling dominates, retailers exit
Source: Coinalyze
Despite whale interest, sellers have tightened their grip.
Spot data from Coinalyze showed 20.28 billion NEIRO sold, with a negative Delta of -2.35 billion—clear evidence of aggressive position closures and prevailing bearish sentiment.
Source: Coinalyze
This bearishness is further evidenced by activities in the Futures.
Neiro’s Funding Rate, both actual and predicted, it remains negative. Usually, negative funding suggests that investors are bearish and thus are mostly shorting the memecoin.
Thus, shorts are dominating the market and expect prices to drop even further.
Neiro momentum stays bearish
As observed above, although whales have turned to accumulation, it’s yet to have a positive impact on NEIRO’s price movement.
Thus, even amidst the whale buying spree, the memecoin has made significant losses in its price. The primary reason for this situation is that sellers currently dominate the market.
This is evident from Neiro’s Relative Strength Index (RSI), which has decreased from 72 following a bearish crossover a week ago, and now stood at 50 as of press time.
Source: TradingView
Such a strong drop reflects strong selling pressure. This pressure from sellers has strengthened the downward momentum.
Usually, a higher selling pressure leads to oversupply, thus reducing value if demand fails to hold. Thus, looking at DMI it’s evident that momentum to the downside is strong and is likely to continue.
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