22 hours ago I wrote that $NEAR traders barely reacted to the Near Intents fund recovery. Since then NEAR is up 7.13%: 4.91 then, 5.26 now.
I was partly wrong. My point was that NEAR only moved with the market. Today BTC is down 0.44% while NEAR is up 5.1% in 24 hours. That move is NEAR's own, so it is no longer just the market lifting everything.
Partly right too. My test for a real change was a move back above 5.54, the 7-day high, with volume above average. Neither is true yet. Price sits 5.05% under 5.54, and volume is about 135.1M USDT, up from 81.8M at my last post, but still only 0.80x its 7-day average.
Updated view: better than yesterday, not confirmed. Hourly RSI is 68.9, close to stretched, so chasing here gives little room.
The level that matters is still 5.54. Above it with volume over 1x its average, I turn constructive. The weekly low of 4.548 is now 13.5% below price, so the downside test is far away. What I watch next: whether volume catches up with price, or price drifts back while volume stays thin.
Not financial advice.
#NEAR #NearIntents
I was partly wrong. My point was that NEAR only moved with the market. Today BTC is down 0.44% while NEAR is up 5.1% in 24 hours. That move is NEAR's own, so it is no longer just the market lifting everything.
Partly right too. My test for a real change was a move back above 5.54, the 7-day high, with volume above average. Neither is true yet. Price sits 5.05% under 5.54, and volume is about 135.1M USDT, up from 81.8M at my last post, but still only 0.80x its 7-day average.
Updated view: better than yesterday, not confirmed. Hourly RSI is 68.9, close to stretched, so chasing here gives little room.
The level that matters is still 5.54. Above it with volume over 1x its average, I turn constructive. The weekly low of 4.548 is now 13.5% below price, so the downside test is far away. What I watch next: whether volume catches up with price, or price drifts back while volume stays thin.
Not financial advice.
#NEAR #NearIntents
