Merchants of $NEAR Technical Analysis Contest: Week of July 12th
Welcome to the fourth edition of weekly trading updates on $NEAR price action by the Merchants of NEAR (MoN) Guild. For the week of July 19th, we had many technical analyses from our resident Merchants analysts, so we were only able to share a few of them here. Learn more about technical analysis and try it out for yourself, join the MoN Weekly Trading Contest!
See all of the community TA posted in our Telegram Group this week, and be sure to join if you are interested in getting involved with the Merchants or want to learn about trading!
On the NEAR USDT pair we see that the price is still in the range between 2.40 dollars on the higher side and 1.74 dollars on the lower side of the range. It’s been 4 weeks now that we are within this range and that the price is still consolidating. It has been 3 weeks that we are in a downwards trend where we have lower highs and lower lows. This is a pattern that shows that NEAR has no strength at the moment and that there are more sellers than buyers. We are waiting for a resolution on the upside or downwards. As long as that range doesn’t break then the price will continue going sideways.
On the NEAR — BTC pair we see that NEAR is still holding well against BTC and that there is no reason to panic at all. We just need a resolution out of that range on either side. Let’s wait and see what happens this week, let’s hope we can have some action.
– Misinformed Block, Merchants Analyst
This is my analysis for this week: As we can see in the image NEAR price continues on a downward trend that started on July 7th. RSI is showing $NEAR is still not that oversold, so this could mean we still have a bit of room to go downwards maybe to around 1.5 USD. Next step for the price it to test downward trendline again and if it breaks above it then retest support at 2 USD. Overall, I think this week price will most likely stay below the 2USD mark.
– NEAR Geek, Merchants Analyst
As we can see $Near is in a downtrend since the BTC crash on 19th May and it tried to breakout on 18th June but failed due to low market demand. What followed was another crash on 21st June because of which we still haven’t tested the downtrend again. Due to current dominance of BTC and bearish movements, I believe $Near could be at 1.70$ by the end of the week.
– Manan, Merchants Analyst
There is an important support from the beginning around $1.7
We are in the intersection of the uptrend, downtrend and this lateral support.
One week will hold ! HODOR !!!
Target price for Sunday (July 25): $1.80
– Fritz Wagner, Merchants Analyst
Okay. While the crypto markets have been at a steady decline for over a month. I’m taking a look at the NEAR/USDT pair on Binance.
At the moment, price is currently testing the support at $1.709 . The last time this level was tested was on 26th June 2021 and it held the selling pressure before price went to test upward resistance at $2.333, it couldn’t breakout and it’s now back to the support level thanks to the overall market dip.
If the support at $1.709 doesn’t hold up again like the last time, we would see the price drop sharply to the next support zone — $1.25 — $1.52.
otherwise expect a price between 1.83–2.2 (as long as $BTC respects itself.)
Also, RSI is at 34 indicating that the price is at an oversold region. worth watching to see how it plays out.
– Simeon, Merchants Analyst
In overall, Near is in a downtrend after creating model of triple top at price around 7.5 USDT/Near. In July, Near is swing from 1.5 to 2.5 USDT/Near with low volume. There is no panic sales in July regardless of BTC dumping so hard from 35K usd to 30k USD.
It means that support at 1.5 usdt is quite strong.
There are 3 scenarios, in which near price mainly depend on BTC movement:
1/ BTC dumping to 25k-28k: This scenario is hard to happen because signal show that there is a strong demand for BTC at zone of 30k USD. However, it happenned the price of near may drop from range of 1.8–2 to 1.2–1.5 USDT/near.
2/ BTC recovers to 35k-40k: The Altcoin market now is watching on BTC movement. Coins with good background like Near will recover quickly if BTC show positive signal. When BTC get to zone of 35 to 40k, There are 2 resistent zones for Near which is 2.5 and 3.5 USDT/near.
3/ BTC swing from 30–35k: If BTC still swings, Near will continue run in the range from 1.5 to 2.5 USD.
Personal view: My personal view is the second scenario, because BTC has test its supports at 30k USD in 5 times. That means near will start to recover from 1.5 zone to 2 main resistance zone of 2.5 USDT and 3.5USDT in next several weeks.
– Hai Ta, Merchants Analysts
As a clear disclaimer the Merchants of NEAR Guild is an opinion guild, sharing insights and personal beliefs on the state of $NEAR. It does not offer financial advice. Anyone looking to invest should consult a tax and investment professional.