$NOM 🌪️
$NOM hit with 4.3x sell volume spike, is this over or just starting?
- Given the violent selloff and extreme volume, my expectation is for continued bearish pressure unless price reclaims 0.00214 convincingly.
- The most probable scenario is a minor bounce or retest toward 0.00214–0.00218, followed by renewed selling unless smart money shows clear absorption and reclaim of those levels.
- If you want to short, ideal entry would be in the 0.00214–0.00218 zone after confirmation (e.g., rejection wick, bearish engulfing, trend continuation structure like lower lows on 5m/15m).
- Take profit targets for shorts: 0.00202 (liquidity pool/low), then 0.00197, and potentially 0.00186 if momentum persists.
- Place stop-loss above the swing high of the retest candle or above 0.00218, wherever the reversal structure confirms the bearish continuation.
- If, instead, price quickly sweeps 0.00202 and leaves a bullish reversal signature (like a strong pin bar or engulfing candle on 5m), you could try a scalp long back to 0.00214, closing at the first sign of weakness.
- If price strongly reclaims and holds above 0.00218, the bearish thesis is invalidated and you should watch for further upside toward 0.00229 and higher.
- For short entries: wait for clear lower-high rejection at 0.00214–0.00218 with confirmation by a bearish candle pattern or breakdown on 5m/15m.
- For scalp longs: only consider after a clear reversal below 0.00202 with evident absorption and reversal structure.
- If price simply consolidates and volume dies off near current levels, avoid chasing—wait for a clear move toward the next high-conviction level.
📝 This is not investment advice, but an educational analysis. Please use proper risk management and only trade with confirmation.
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