NEAR fell by more than 10% on Friday after a gain exceeding 25%. XMR, however, rose to a new four-month high. NEAR is moving as traders try to take profits from the recent highs. Market uncertainty continues to be high.
Near Protocol (NEAR
After being Friday’s biggest gainer, climbing by over 25%, NEAR was trading lower to start the weekend.
NEAR/USD fell to an intraday low of $16.39 during today’s session, as bullish sentiment in the world’s nineteenth-largest cryptocurrency began to fade.
This drop follows on from a top of $19.45 less than 24 hours ago, which came after speculation grew that Near Protocol would create a stablecoin that would rival the likes of Terra’s UST.
Looking at the chart, yesterday’s peak was close to resistance of $20, and traders likely dumped NEAR as price uncertainty emerged at that level .
Today’s selloff has now sent prices below short-term support at $17.50, with some bears likely targeting the lower support of $15 in the next few sessions.
However, price strength remains relatively strong and currently tracks at 62.30. That could indicate that bears are looking to enter this market.
Monero (XMR)
Despite crypto markets falling by over 2% during today’s session, XMR was one of the few to trade in the green.
Following a low of $215.28 during Friday’s session, XMR/USD rose to an intraday high of $237.81 on Saturday.
The price rebound occurred after the prices did not break through the $212 support. Bulls saw this as an opportunity to purchase the dip.
Saturday’s surge came as XMR rose past its long-term resistance level of $228.55, on its way to its highest point in over four months.
As seen on the chart, today’s gains have somewhat eased, in a similar fashion to the move in early January, as traders likely secured profits.
The 14-day RSI has fallen below a critical resistance level of 63.69. Until this threshold is reached, there may be no price gains.
Does this obstacle have enough bullish momentum? Please share your views with us in the comments.
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