The cryptocurrency market has misplaced more than $200 billion over the previous few days.
The cryptocurrency market has been in a bearish development over the previous few days. Over the weekend, the market shed more than $200 billion as the whole crypto market cap dropped from $1.7 trillion to $1.5 trillion.
In the final 24 hours, the market has misplaced practically 4% of its worth. Bitcoin has misplaced its main help stage above $35k and is now struggling across the $33k level. It may very well be in line for additional losses over the approaching days.
Ether has additionally dropped beneath the $2,500 psychological stage and additional losses may see the ETH bulls pressured to defend their place above $2,000.
NEAR, the native token of the Near ecosystem, is the very best performer amongst the highest 20 cryptocurrencies by market cap within the final 24 hours. The coin has added more than 7% to its worth throughout that interval.
However, there is no main catalyst behind NEAR’s ongoing optimistic efficiency. NEAR may discover it laborious to take care of this bullish run because the broader market is at the moment bearish.
Key ranges to observe
The NEAR/USDT 4-hour chart is nonetheless bearish regardless of the continued optimistic efficiency. However, the technical indicators present that NEAR’s worth is slowly recovering.
The MACD line is beneath the impartial zone as NEAR has been in a bearish development in current weeks. The 14-day RSI of fifty reveals that NEAR is not in an oversold area.
At press time, NEAR is buying and selling at $11.07 per coin. If the rally continues, it may surge previous the primary resistance level at $12.40. However, the second resistance stage at $13.285 ought to cap additional upward motion.
With the broader market nonetheless bearish, NEAR may see its positive aspects reversed. NEAR may very well be pressured to defend its first main help stage at $9.046 earlier than the top of the day.