NMR is up more than 30%, but that long upper wick is a bit of a buzzkill
I think $NMR is more likely to spike and then pull back over the next couple of days. It’s up more than 30% in the past 24 hours, which looks pretty exciting, but this morning’s surge was pushed back down. It may not be so easy for it to keep climbing.
This morning, the hourly candle that opened at 10 a.m. reached a high near 17.9, but closed at only around 16.4. It also dipped to around 15.6 at one point. It rose fast and fell fast within an hour, and after all that, it closed slightly below its opening price. The second chart shows the highs, lows, and closing prices over these past few hours. The final candle’s range was noticeably larger.
What worries me is that after spiking and pulling back yesterday, it was pushed down again today from an even lower level. On both occasions, it failed to hold its price near the highs. That said, it’s still well above the area around 12 where it started rising yesterday, so I see this as a short-term pullback—not the end of the entire rally.
On the next rebound, I’d like to see it reach around 17.9 and then hold steady, rather than dropping again as soon as it gets there. If it falls back to around 15.6 and can’t hold, I think this pullback still has further to go. A bounce during the session doesn’t count as a renewed uptrend if the hourly candle hasn’t closed yet.
It’s certainly tempting when it stands out so much on the gainers list. I’d rather wait until buyers step in after a pullback, then see whether it has another leg up.
#NMR #CryptoMarket
I think $NMR is more likely to spike and then pull back over the next couple of days. It’s up more than 30% in the past 24 hours, which looks pretty exciting, but this morning’s surge was pushed back down. It may not be so easy for it to keep climbing.
This morning, the hourly candle that opened at 10 a.m. reached a high near 17.9, but closed at only around 16.4. It also dipped to around 15.6 at one point. It rose fast and fell fast within an hour, and after all that, it closed slightly below its opening price. The second chart shows the highs, lows, and closing prices over these past few hours. The final candle’s range was noticeably larger.
What worries me is that after spiking and pulling back yesterday, it was pushed down again today from an even lower level. On both occasions, it failed to hold its price near the highs. That said, it’s still well above the area around 12 where it started rising yesterday, so I see this as a short-term pullback—not the end of the entire rally.
On the next rebound, I’d like to see it reach around 17.9 and then hold steady, rather than dropping again as soon as it gets there. If it falls back to around 15.6 and can’t hold, I think this pullback still has further to go. A bounce during the session doesn’t count as a renewed uptrend if the hourly candle hasn’t closed yet.
It’s certainly tempting when it stands out so much on the gainers list. I’d rather wait until buyers step in after a pullback, then see whether it has another leg up.
#NMR #CryptoMarket
