Merchants of $NEAR Trading Contest: Week of June 21st
Welcome to the second edition of weekly trading updates on $NEAR price action by the Merchants of NEAR (MoN) Guild. For the week of June 21st, 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!
Last week we spoke about the fact that the NEAR price was in a range between 2.52 dollars and 3.65 dollars. After the recent downwards price movement of the entire market the price of NEAR broke the 2.52 dollar in the range. As mentioned in last week’s analysis, breaking that price would mean that NEAR would enter in a bearish market sentiment. Which means that the price will take even more time to consolidate and get back to a bullish momentum.
When we look at the NEAR/BTC pair we can clearly see that NEAR went back to the reload zone and will also take more time to gain some ground against BTC. In the coming weeks the price will be 1.75 dollars so don’t expect the price to have a heavy price movement so long the price of BTC doesn’t have a move upwards. We are outside of the Reload zone which is even better to invest. Everything in this reload zone and under it is an excellent investment opportunity.
— Misinformed Block, Merchants Analyst.
$1.75 Defended, Time to Accumulate
From the NEAR/USDT weekly chart, it is clear that the price of near has dipped to about $2.2. This is a pull back that response to the Elliott wave movements. The Elliott wave pattern is usually a pullback for an intensive continuous trend. If the overall trend is bullish as in this case, the pullback therefore would be a bearish movement. When the pullback is complete, the bullish trend resumes with more intensity. The pullback is an allowance to allow for a better bullish movement.
From the chart’s RSI, there is a mixture of bullish movements above $2.3 and bearish movement below $1.98.
Considering the fact that more than 70% of the price of Near for the past 10 weeks has been above $2.3, this suggests that if the pull back is complete, the bullish trend will resume and take the price of Near above $2.3 up to $2.86.
This is therefore a very convenient time to buy and hodl.
— Yuppie, Merchants Analyst
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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.