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Strong Technicals and Transactions Up

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NEAR is currently trading at just 17% below its local high of $9, which was reached in mid-March.

The price has rebounded impressively by 72% from the local low experienced in mid-April, demonstrating strong price action and a potential trajectory toward reclaiming the $9 mark.

NEAR: Technical Chart Analysis

This analysis will highlight the current support and resistance levels and explore the implications of transactional data trends for Near Protocol’s price movements.

On the daily chart, NEAR is positioned above both the 100 EMA (blue) and the 200 EMA (green). The 100 EMA sits at $6.54, while the 200 EMA is at $5.32, and they provide strong support levels.

Near Daily Price Analysis. Source: TradingView
Near Daily Price Analysis. Source: TradingView

The Ichimoku Cloud on the daily chart acts as a support zone. The price has stayed above the cloud, signaling that the overall trend remains upward.

Read More: What Is NEAR Protocol (NEAR)?

The cloud serves as a dynamic support area, reinforcing the support offered by the EMAs. The bullish outlook is supported as long as the price remains above the cloud and these EMAs.

The price falling below the Ichimoku Cloud could indicate a potential price reversal. Exercise caution in such a bearish scenario.

The 4-hour chart offers a slightly different perspective for the short to mid-term.

This time, the Ichimoku Cloud is acting as resistance. The price is currently testing the lower boundary of the cloud, suggesting some selling pressure at this level. The 100 EMA on the 4-hour chart is $7.50, while the 200 EMA is $7.41. The price hovers around these levels, indicating a potential standoff between buyers and sellers.

Near 4H Price Analysis. Source: TradingView
Near 4H Price Analysis. Source: TradingView

The price needs to break above the 4-hour Ichimoku Cloud decisively for continued upward movement. A successful breakout would indicate a shift in momentum back to the bulls, with resistance levels from the daily chart as the next targets.

However, if the price fails to move above the cloud, it may lead to a period of consolidation or a pullback to the current resistance levels indicated by the 100 and 200 EMAs.

Daily Transaction Volume Decrease on the Near Protocol

Near’s daily transactions have been experiencing important volatility, with significant drops observed in early April and late May.

During May, daily transactions stabilized at around 6 million. Notably, in late May, there was a significant drop from 9 million to 7 million, but transactions have since rebounded to 8 million. If this metric continues to rise to 10 million daily transactions, it could indicate a highly bullish trend for Near.

Near Daily Transactions Chart. Nearblocks.io
Near Daily Transactions Chart. Nearblocks.io

On the other side, Near Protocol’s daily transaction volume has experienced a considerable decline.

Important peaks were observed on May 31 and June 3, both reaching $300 million. However, since the peak on June 3, the transaction volume has dropped significantly to $60 million.

Near Transaction Volume (USD) Chart. Nearblocks.io
Near Transaction Volume (USD) Chart. Nearblocks.io

These transaction spikes can indicate rising transactional trends on the Near Protocol, signaling heightened activity and user engagement.

For instance, the peak on June 3rd anticipated a price increase on June 4th, where the value rose from $7.10 to $7.40, marking a 4% increase.

This correlation suggests that transaction volumes could be a leading indicator of price movements.

Strategic Recommendations

Given the current technical setup and transactional trends, NEAR presents promising opportunities for traders and investors.

To capitalize on the bullish outlook:

Consider entering positions near the support levels provided by the 100 EMA and the 200 EMA on the 4H chart. These levels have consistently acted as strong support, indicating active buyer defense.

To manage risk, set stop-loss orders below daily EMAs. This ensures that positions are protected in case of unexpected downside movements.

Read More: Near Protocol (NEAR) Price Prediction for 2024

As long as NEAR remains above the Ichimoku Cloud on the daily chart, maintain a bullish stance. The cloud acts as a dynamic support zone, reinforcing the overall upward trend.

Pay attention to spikes in daily transaction volume, as it can be a precursor to price movements. Significant transaction peaks have previously anticipated price increases.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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Will Bulls Push It Higher?

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Este artículo también está disponible en español.

Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720



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