NEAR’s issuance cap was just cut to 1.6%/year, but the price still plunged to ≈3.77 (down about 8.8% in 24h), remaining roughly 18.6% below the MA20—I’m not catching this falling knife.
What I’m seeing:
House of Stake passed HSP-029 on Monday, proposing to gradually lower the maximum annual issuance rate from 2.5% to 1.6%. After the bullish news came through, the price is now ≈3.772. The daily MA20 is ≈4.63, still about 18.6% higher; today’s low is ≈3.755.
On the liquidation front, liquidation.lol reports about $9.13 million liquidated in the past 24h, with longs accounting for about $7.7 million, or 84%. TRdesk reports about $9.9 million in the past 24h, with longs making up about 98%.
My take:
The deflation narrative has played out, yet the price has plunged even further below $4—don’t mistake a bullish governance update for a buy-the-dip signal.
Watching, not chasing: Let’s talk after it gets back above the MA20 at ≈4.63 and holds above today’s low of 3.755. If it loses the channel’s lower boundary at 3.73, the sell-off may not be over yet.
Do you think this is a case of “buy the rumor, sell the news” and more downside ahead, or can 3.73 hold?
$NEAR $ARB
#NEAR #Arbitrum
What I’m seeing:
House of Stake passed HSP-029 on Monday, proposing to gradually lower the maximum annual issuance rate from 2.5% to 1.6%. After the bullish news came through, the price is now ≈3.772. The daily MA20 is ≈4.63, still about 18.6% higher; today’s low is ≈3.755.
On the liquidation front, liquidation.lol reports about $9.13 million liquidated in the past 24h, with longs accounting for about $7.7 million, or 84%. TRdesk reports about $9.9 million in the past 24h, with longs making up about 98%.
My take:
The deflation narrative has played out, yet the price has plunged even further below $4—don’t mistake a bullish governance update for a buy-the-dip signal.
Watching, not chasing: Let’s talk after it gets back above the MA20 at ≈4.63 and holds above today’s low of 3.755. If it loses the channel’s lower boundary at 3.73, the sell-off may not be over yet.
Do you think this is a case of “buy the rumor, sell the news” and more downside ahead, or can 3.73 hold?
$NEAR $ARB
#NEAR #Arbitrum
