NEAR was one of the big movers in today’s trading session, as prices fell by almost 10% on Friday. RUNE and EOS both fell to the end of the week. The latter dropped by almost 10% in the same session.
Near Protocol (NEAR),
NEAR, one of the largest tokens that fell on Friday as the red wave overcame cryptocurrency markets to conclude the week.
Following a peak of $17.12 on Thursday, NEAR/USD dropped to a bottom of $15.12 during today’s trading session.
NEAR’s recent support level at $15.45 was broken by this price drop, marking the weekly low for NEAR since its inception.
Prices rose on Wednesday to $17.77, a week after breaking the $17.50 ceiling. However, this upward momentum was brief.
In the turnaround, prices dropped for three sessions consecutively. This led to the 14-RSI tracking at its lowest point in more than six weeks.
Oversold prices are where bears may try to drive the price down, while bulls might see it as an opportunity for them to purchase low.
Similar to NEAR, EOS has also held firm at a recent resistance level, leading to a selloff during today’s session.
EOS/USD dropped to $2.48 on Friday after it traded above $2.84 24 hours earlier.
Following a false breakout of the $2.75 ceiling, EOS has gone on to fall for two consecutive sessions, with today’s decline taking us to a short-term floor.
As seen on the chart, $2.45 has recently acted as the first line of defense for fading prices, and should bears’ overpower this point, we could see a decline to $2.20.
However, moving averages, which are 10-days and 25, have become closer to each other, increasing the likelihood of a crossover.
This could lead to prices rising strongly for weekend if the 14-day RSI is maintained above 48.9 (the current floor)
Is it realistic to expect that the crypto red waves will pass by the weekend? We’d love to hear your comments.
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