NewsBTC
2022-11-18 09:10:39

NEAR Faces Resistance In Attempt To Breach $2 Level As Bears Block Its Way

Altcoins like NEAR have experienced a similar slump in value as the major cryptocurrencies during the previous several days. Cryptocurrency price index Coingecko reports that NEAR’s price is currently bearish, reflecting the general market sentiment. At the time of writing, the token was trading at $1.8515, below the key psychological $2 zone. Major investors’ loss of faith in cryptocurrencies following the FTX debacle has contributed to the current gloomy sentiment on the cryptocurrency market. Because of this, other markets where traders with FTX positions also suffered catastrophic losses. Recent research indicates NEAR has a neutral outlook, suggesting the token’s futures interest is bullish. However, the token’s bearish break below $2 may be indicative of more market weakness. Related Reading: Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here’s Why Negative Mood For NEAR Although past performance is not a guarantee of future results, it does influence traders’ and investors’ perceptions of an asset’s value. NEAR is experiencing exactly this, as the market structure is extremely negative at the moment. The coin’s RSI readings are also not encouraging. After a moment of hesitation, it reversed its neutral stance. Since October 31st, the Chaikin money flow indicator has likewise been consistently showing a downward trend, falling below the neutral band. It has been made much worse by recent occurrences in the cryptospace. As of this writing, the indicator is -0.23, suggesting that bears are now in charge of the market. Bollinger bands indicate a huge increase in volatility that could result in a bullish near future, despite the current bearishness. This marginally positive near-term outlook is further backed by the 20-day triple EMA, which has recently flipped from resistance to support. Short-Term Advantage Likely Nonetheless, the 50-day triple EMA continues to function as price barrier. This discrepancy in timelines can be seen as a short-term advantage for NEAR. A $2 bearish breach is seen to increase market’s suffering. The previously mentioned analysis may prove accurate. On the NEAR futures market, short-term investors and traders can utilize the positive OI (Open Interest). However, long-term traders will face a difficult choice: sell now and realize their losses, or hold and hope for a possible bull run. The first scenario is more probable than the second. As the currency loses its $2 psychological support, the confidence of investors and traders will decrease. This is already evident in NEAR’s RSI data. If conditions continue to deteriorate daily, NEAR might fall to $1.5575. A level that has not been witnessed in almost a year. Related Reading: Quant Wallet Holders Reach More Than 90,000 – Time To Buy QNT? NEAR total market cap at $1.5 billion on the daily chart | Featured image from Telegaon, Chart: TradingView.com

获取加密通讯
阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约