NEAR dropped to a one-month low by the start of the weekend as prices slipped below their long-term support point. WAVES also declined during Saturday’s session, dropping as much as 14%. In general, at the time of writing, the crypto markets have fallen by almost 5%.
Near protocol (NEAR)
NEAR was one of the biggest contributors to the start of the weekend as prices dropped over 10% on Saturday.
After peaking at $5.03 on Friday, NEAR/USD dropped to an intraday low of $4.38 in today’s session.
This drop resulted in a nearly 13% drop in prices and came as the global cryptocurrency market capitalization was down 4.8% at the time of writing.
Saturday’s decline came as NEAR broke through its $4.45 support point, approaching its lowest point since May 11.
The 14-day RSI is now also heavily oversold and is trading at 30.62, a two-week low and also acting as a floor.
If this level is breached, then we could see NEAR drop below the monthly low of $3.57 and hit an 11-month low instead.
WAVES was also down double digits on Saturday, hitting a lower low for the tenth straight session.
At the time of writing, WAVES/USD hit an intraday low of $6.30 by the weekend, down $1.17 from yesterday’s high.
Looking at the chart, today’s move has pushed WAVES closer to its long-term support of $4.40, which is a level not reached since May 30th.
Overall, at the time of writing, prices are down over 15% and are trading at their lowest level in almost two weeks.
Despite the weakening RSI as a result of the sell-off, the indicator has already found another support level at 36.50.
However, relative strength is still moving towards that level, and if it reaches that level, then WAVES is likely to hit $4.40 as well.
Is a further decline in WAVES over the weekend inevitable? Let us know your thoughts in the comments.
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Credit : news.bitcoin.com