August Week 3 Community Highlights: Bear, Bull and Crab
Hello fellow Merchants!
Last week all of our submissions were bullish, and correctly so as we saw a monstrous rallying in alternative layer 1 protocols, lead by Solana, Cardano and NEAR. SOL saw its price rocket past its all time high set in May, while NEAR saw a nearly 30% increase week to week. This week we saw a wider variety of community predictions which will be showcased below:
Merchants Bear of the week:
Daily charts indicate that we may have reached a pivot point on the RSI. However a close of the Blue LSMA above level 80 will indicated continued upward pressure in the near term.
Turning to the 3 day: We see technicals are indicating we may remain in this upward track toward $4.5. The blue LSMA is continuing to rise, and a close above 80 with the red RSI continuing to rise would usually indicate upward pressure should continue: I have marked on the chart where I think price will be for the ‘Bull Case’ this week.
However, I have strong conviction for a correction this week. We have seen turmoil in the oil market, political musical chairs and an NFT boom usually indicative of a market cycle top. Therefore personally I will be going risk off for the remainder of the week. For the purposes of price prediction I will go against my technical analysis and call $2.9 by Aug 24, this puts price lower into the white B-band. Call it a gut feeling.
-runitagain
Merchants Crab of the Week:
Price broke out from the local resistance around $3.5 and should this hold as our next support for next few days, we should expect steady upward movement to the $4 zone and resistance zone to be at $4.2 range. Expect some pullback soon and my closing for the week would be around $3.92. NEAR is still in the uptrend but there are strong resistance levels and we could see NEAR range bound to close the week.
-Tokok69
Merchants Bull of the Week:
The uptrend is dominant. The price has broken out of the local resistance around $3.6369 and if this holds as our next support over the next few days, resistance at the next level is at $4.5029, If it breaks this resistance, it will move to the price zone of 5.9285. Expect some early pullbacks and my close for the week will be around $4.3
-hungstock1
From what is looks like from community predictions, there are a few break out levels to watch out for. The first major levels are around the $4.50 range. That was a major resistance level the first time NEAR broke out in Feb earlier this year. According to many submissions, there is a Fib level around $4.75 as well which could see NEAR stagnate at.
As for the downside, $4 will be a key support level to maintain. There are strong support at $3.40 and $3.60 if NEAR does deviate from its bullish trend and fall below $4.
Thanks for the Merchants for submitting their predictions. If you want a chance to earn NEAR for accurate predictions or be featured in articles please head over and join or TG community.
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