$NEAR lost 9.9% today on 230.7M USDT of trading, the fifth biggest volume on Binance spot. A drop with that much money behind it deserves attention.
Price is now 4.835. Only BTC, ETH, SOL and ZEC traded more. When a top-volume coin falls this hard while $BTC gains 1.1% to 84,648, the selling is about NEAR, not the market.
On the other side of the board, $AAVE is up 7.1% at 170.07, but on only about 36M USDT. So the strong move today is the one going down, not the one going up.
The Fear and Greed index sits at 74 (Greed). In greedy markets, coins that ran earlier are where profit taking shows up first, and NEAR was one of the strong names a few days ago.
My view: no long here while volume this heavy keeps meeting a falling price. I would change my mind if NEAR gets back above 5 and the selling volume dries up. Until then, I am watching whether 230M of daily volume shrinks or keeps coming.
#NEAR #Selloff
Price is now 4.835. Only BTC, ETH, SOL and ZEC traded more. When a top-volume coin falls this hard while $BTC gains 1.1% to 84,648, the selling is about NEAR, not the market.
On the other side of the board, $AAVE is up 7.1% at 170.07, but on only about 36M USDT. So the strong move today is the one going down, not the one going up.
The Fear and Greed index sits at 74 (Greed). In greedy markets, coins that ran earlier are where profit taking shows up first, and NEAR was one of the strong names a few days ago.
My view: no long here while volume this heavy keeps meeting a falling price. I would change my mind if NEAR gets back above 5 and the selling volume dries up. Until then, I am watching whether 230M of daily volume shrinks or keeps coming.
#NEAR #Selloff
