$NOM Break out strongly or is it hitting an overbought threshold?
Question: Will the long ratio dominance and RSI index exceeding 76.7 on the one-hour timeframe be able to maintain the upward momentum, or will it create short-term correction pressure?
Answer: $NOM is trading at 0.002725, up 55.71% over the day, alongside trading volume on the four-hour chart jumping 15.00x compared to the average. Buyers are in control, with the long account ratio at 2.2113; however, the four-hour RSI has already risen to 84.8, like a spring compressed too tightly.
If the price continues to hold above the 0.002664 support and liquidity remains stable, the breakout momentum may continue toward higher zones. In the case that buying power stalls and the price falls through the 0.002664 mark, profit-taking pressure from the long side could push the price back toward a lower support zone.
Open interest has slightly decreased by -0.65% over the past hour, while the long ratio remains high, indicating some positions have started to close, leaving the risk of unexpected volatility open.
#Crypto #BinanceSquare
Question: Will the long ratio dominance and RSI index exceeding 76.7 on the one-hour timeframe be able to maintain the upward momentum, or will it create short-term correction pressure?
Answer: $NOM is trading at 0.002725, up 55.71% over the day, alongside trading volume on the four-hour chart jumping 15.00x compared to the average. Buyers are in control, with the long account ratio at 2.2113; however, the four-hour RSI has already risen to 84.8, like a spring compressed too tightly.
If the price continues to hold above the 0.002664 support and liquidity remains stable, the breakout momentum may continue toward higher zones. In the case that buying power stalls and the price falls through the 0.002664 mark, profit-taking pressure from the long side could push the price back toward a lower support zone.
Open interest has slightly decreased by -0.65% over the past hour, while the long ratio remains high, indicating some positions have started to close, leaving the risk of unexpected volatility open.
#Crypto #BinanceSquare
