First off, congrats to the hodlers in NEAR! Last week was by far the craziest week in NEAR’s short history beginning the week having consolidated at $5.35, before testing the $6.50 levels again on 9/3 then being rejected again. Afterwards NEAR traded between $6.00 and $6.30 for the next few days before taking off and blowing by its all time high of $7.50 and finishing the week off at $10.35.
NEAR volume exploded with 24H volume currently sitting at 2B+; previous largest 24H volume was at 500M. There were plenty of inflows and outflows from exchanges, which signals there were numerous people taking profits but even more new hodlers purchasing NEAR. The typical Binance and Huobi were at the forefront of 24H volume but NEAR saw explosion of 200M volume on OKEx and 160M volume on BKEx. Increased volume on these two exchanges indicate there are a new demographic of users who are just now getting into NEAR and buying.
OKEx is a worldwide exchange which with currently 233 coin listings and some of the lowest fees I have seen. They were previously based in Hong Kong but relocated HQ to Malta, which has clear licenses for crypto. OKEx is currently 3rd in 24h trading volume and generally is in the top 10 according to coinranking.com
BKEx on the other hand does not seem to be as reputable. BKEx is based out in Virgin Islands and supports only two languages: English and Chinese. They have had issues with deposits as recently as May 2021 BKEx has been labeled as a “scam” by few sights such as trustpilot and cryptowisser.
Our best take is the continued trend of firms, whales, and smaller hodlers doing more due diligence into alternative layer 1s and allocating bigger and bigger portions of their portfolio into these protocols. Solana, Algorand and NEAR all saw huge increases despite market pull back these last few days, and they continue to outpace the market. This has been the case for the last few weeks and could continue to be the case as ETH gas fees remain above 50 gwei and often above 100 gwei. More and more NFT’s are launching, which causes more indigestion and higher gas rates for everyone.
As for the community predictions, while many people were anticipating a move up to break all time highs, only TechMashiso predicted it this week. Several people saw NEAR testing some highs and then consolidating either between $5.60-$5.90 or $6.20–$6.50; to their credit NEAR did, just only for a brief moment.
At this moment bullish pennant in making. Last wave is pending then breakout at diagonal resistance shown in chart and once it retest it there we are good to go for our target(s) which are marked in the chart. Stop loss : clean break below the red mark area in daily time frame
Extremely curious to what the Merchants have to think for this week. If you want a chance to earn NEAR and be featured in our community posts please submit for September Week 2 below:
Best of luck and happy hodling!