$NMR ’s move down was pretty decisive: it fell nearly 2% in 15m, volume rose to 1.72x, and price dropped straight below the lows of the past 20 5m candles.
It’s not that this kind of drop is especially alarming. The key is to look at positions: 1h OI fell 2.23%, with a notional change of -349K, and 15m OI is also shrinking. Price down + OI down doesn’t look like new shorts piling in to hammer the price; it looks more like longs deleveraging, with stop-losses getting swept in batches.
Aggressive trade delta is -19.6%, and the buy/sell ratio is 0.67. Selling pressure is tilted to the downside, but it’s nowhere near an uncontrolled imbalance. There’s still 336M in 24h trading volume, so it’s not as if nobody’s paying attention to the market.
Its anomaly ranking isn’t near the top, though its notional change is ranked at #37 , making it somewhat noticeable across the whole pool. At this point, I’d wait for leverage to get cleared out and then see if buyers are willing to step in. Chasing shorts doesn’t feel very comfortable.
It’s not that this kind of drop is especially alarming. The key is to look at positions: 1h OI fell 2.23%, with a notional change of -349K, and 15m OI is also shrinking. Price down + OI down doesn’t look like new shorts piling in to hammer the price; it looks more like longs deleveraging, with stop-losses getting swept in batches.
Aggressive trade delta is -19.6%, and the buy/sell ratio is 0.67. Selling pressure is tilted to the downside, but it’s nowhere near an uncontrolled imbalance. There’s still 336M in 24h trading volume, so it’s not as if nobody’s paying attention to the market.
Its anomaly ranking isn’t near the top, though its notional change is ranked at #37 , making it somewhat noticeable across the whole pool. At this point, I’d wait for leverage to get cleared out and then see if buyers are willing to step in. Chasing shorts doesn’t feel very comfortable.