Merchants of $NEAR Trading Contest: Week of July 12th
Welcome to the Third edition of weekly trading updates on $NEAR price action by the Merchants of NEAR (MoN) Guild. For the week of July 12th, we have two technical analyses from our resident Merchants analysts. From now on you can expect weekly updates from our analysts on the MoN Medium channel. To learn more about technical analysis and try it out for yourself, join the MoN Weekly Trading Contest!
Check out what the analysts 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!
As we can see on the NEAR chart the price is back on the bottom of the range that we identified. At time of writing the price is now 1.88 dollars. As long as the price stay within this range there is nothing to think about. I would put alerts on 1.74 dollars and 2.40 dollars. When it hits one of those two you can expect a huge price movement. As we can see the prices of a lot of assets are below the Reload Zone which is good for investing. We need to wait for a resolution of BTC to know where NEAR is going to go. From what I see I think BTC will go another big leg down before going back up. We don’t see a bottom yet on either of these tokens so patience will be key. Don’t lose your investments.
— Misinformed Block, Merchants Analyst.
$1.74 Defended, Time to Accumulate
The graphics above is a picture of the NEAR/USDT Daily chart. The chart obviously shows the end of a downward trend in correspondence to the Eliot Wave price action movement. The Yellow line is a trend line which the NEAR Price has tested four times and bounced off due to the strong resistance against the downward trend. This bounce off signals an end to the downward trend which has been persistent for a couple of weeks.
The blue horizontal line demarcates the area of value from the price reduction zone.
The right extreme of the horizontal line reveals the anticipated new price of NEAR on the NEAR/USDT in the coming days. From the chart, we should expect a rise in price to 2.87 on the NEAR/USDT within the next 16days. As soon as this price is achieved, then the price will continue to rise until it makes a 60% rise from 2.87.
The blue rectangle shows the price engulfing and the area of value. Within the rectangle, the right top of the rectangle shows the new price anticipated actualization within the next 16 days.
The overall trend remains bullish especially looking at the weekly performance of the NEAR asset.
— Yuppie, Merchants Analyst
$2.87, bullish
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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
