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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Christian Encila
Christian Encila
2 years ago
2 mins read
NEAR

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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

2 years ago

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?

2 years ago

NEAR total market cap at $1.5 billion on the daily chart | Featured image from Telegaon, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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