Fifteen hours ago I said I would be careful buying $NMR after a 36.8% day while everything around it was red. It was 16.48 then. It is 14.75 now, 10.5% lower.
That caution held up. The late buyers I worried about are the ones holding the loss right now. NMR is down 13.3% in 24 hours and sits 22.3% under its weekly high of 18.99.
The market made it worse. $BTC is down 4.01% over the same day, the biggest drop I have seen from it this week. When the leader falls that hard, the coins that ran the most tend to give back the most.
Two things stop me from calling it over. NMR is still up about 30% on the week, so most of the run is intact. And hourly RSI is 42.9, soft but not broken.
Volume is about 28.1M USDT, 4.3 times its 7-day average. That is heavy, and it is selling, not buying, that is driving it now.
I would want NMR to hold above 14 while BTC stops falling before I take any bounce seriously. A move back above 16.48, where I wrote about it last, would tell me the rally still has buyers. Under 14, the weekly low of 10.87 is the next real level, and that is a long way down.
#Numeraire #NMR
That caution held up. The late buyers I worried about are the ones holding the loss right now. NMR is down 13.3% in 24 hours and sits 22.3% under its weekly high of 18.99.
The market made it worse. $BTC is down 4.01% over the same day, the biggest drop I have seen from it this week. When the leader falls that hard, the coins that ran the most tend to give back the most.
Two things stop me from calling it over. NMR is still up about 30% on the week, so most of the run is intact. And hourly RSI is 42.9, soft but not broken.
Volume is about 28.1M USDT, 4.3 times its 7-day average. That is heavy, and it is selling, not buying, that is driving it now.
I would want NMR to hold above 14 while BTC stops falling before I take any bounce seriously. A move back above 16.48, where I wrote about it last, would tell me the rally still has buyers. Under 14, the weekly low of 10.87 is the next real level, and that is a long way down.
#Numeraire #NMR
