October Week 3 Community Highlights: Bear, Bull and Crab
Exciting times in crypto with Bitcoin testing all time highs of 65k again behind waves of positive news. Tether and the CFTC reached a settlement after its investigation into Tether for not being 100% backed as they claimed. In their statement, it was noted that Tether is 100% backed, just not fully backed with dollars in a bank. Meaning there are other assets, such as bonds and treasuries, that are backing tether. A Bitcoin ETF also seemingly was approved to reach US markets. BTC dominance is on the rise at 47.5% but it has dragged rest of markets up a bit; NEAR is currently trading at $8.20 but still trapped in the descending triangle awaiting a breakout.
After two flat weeks for NEAR, the Merchants have caught on and are predicting yet another flat week. Nearly half of submissions are between the $7.20 support levels and the $8.50 breakout resistance levels we have seen over the last two weeks. Check out the best of the community submissions for a wide breakdown of market conditions.
Merchants ‘Bear’ of the week:
NEAR broke down from the uptrend channel and tested the support $6.8 but had a good bounce. Now NEAR is testing the channel if we manage to break the channel and get into it we can see a price decrease to the lower band of $6.5 then test support at $6.3. Volume still remains too low for a sustained breakout.
-cksmk
Merchants ‘Crab’ of the week:
Near broke down from the uptrend channel and tested the support $6.8 and had a good bounce. Now NEAR is testing the channel if we manage to break the channel and get into it we can see a price increase till $9.5, the re-establish support at the $8.5 level.
-ruso_Hardin
Merchants ‘Bull’ of the week:
NEAR has strong support at $6.33 and the trend line on the 4H time frame has finally broken. With recent BTC surge, we could see that momentum carry to NEAR and hit the Fib level of 8.811 or even settle at $9.482. Realistically I am predicting NEAR to trade at $8.811 this week.
-omegabeams
Seems like this week is much of the same in October. Alts and NEAR have taken a backseat to BTC, as BTC has risen in dominance again off of positive news. NEAR still maintains really strong support at particularly $6.33 and $6.80 levels but struggles to break out past $8.50. Bit of a boring picture for those interested in day trading, but that is just how the market behaves sometimes.
If you are interested in more technical analysis and NEAR price discussions, join us in our TG.
Best of luck and happy hodling!
