September Week 2 Community Highlights: Bear, Bull and Crab
Last week was another incredible week for alternative layer 1’s. NEAR shot up past its ATH at $7.50 all the way to set a new ATH at $11.83 before finally cooling off, along with the rest of the general crypto market. Currently NEAR is fighting to hold above the $9.00 level, dropping below and reclaiming it several times over the last day. Volume for NEAR has dropped off dramatically but still remains 3–4x higher than average. Currently NEAR is forming a descending downwards wedge, which after a peak generally results in a bullish exit. However it is a matter of when we will exit the descending wedge, as crypto markets continue to trend downwards.
As for community sentiment, it seems that most people were riding off the highs with over 60% of submissions expecting new all time highs being set. Even most of the bullish predictions are expecting some pullback before regaining bullish momentum. If this does manifest, the two resistance levels we can expect are at $13.50 and $15.00. Rest of the submissions were tempered, predicting NEAR to pull back before consolidating in the $11-$11.25 range and the $9.20-$9.50 range.
Checkout a few of the best submissions highlights!
Merchants Bear of the week:
Given the huge increase in price we have seen lately it is very likely we will see a healthy pullback that could go as low as to around $7,3 during next week as the bottoms are increasing tending. One thing I find interesting is that RSI is not showing $NEAR to be as overbought as one could imagine. This could mean we still have a little bit more room to keep going up before the pullback.
-andresdavinf
Merchants Crab of the Week:
BTC Market: The price of BTC looks bearish and trading below $50K which is a failed breakout, and may continue to go down in the upcoming week.
Volume Analysis: $NEAR saw huge volume last week reached 170.61 million the previous Monthly volume is around 326.14 Million. This is Week 2 and already crossed the halfway of previous month volume.
Trend Line: The trend looks bullish, but expect some pullback as the candles are already breached out to the upper trend channel.
Price Action: The previous ATH is at $7.580. It is broken and trading around $10.87.
Conclusion: It is hard to point the next level though considering volume increase and trend breakout, upcoming week can hit New ATH at $15 and can expect a profit booking. So will see some correction and my expectation is at the end of 9/16 it will close around $11.60
-parthiv2014
Merchants Bull of the Week:
NEAR finally broke off from its previous ATH and is now in an amazing price discovery moment through reaching consecutive new highs. We can also observe a harmonic pattern achieved through the point of ABCD on the 1H timeframe.
It also seems that $9 would be our new support where we saw buying pressure were mostly at that range and definitely a range to look out for should NEAR retrace soon.
All in all, NEAR uptrend has been confirmed ever since, with apparent series of higher lows, higher highs at the time of writing and new leg ups are imminent. A fib pull out from our new support at $9, we could possible go to $11.75, all the way to $13.33 at 1.618 fib level!
-Tokok69
Hopefully this gives fellow Merchants a broad overview of what to look out for in each Bear, Bull and Crab case. Do expect a pullback to at least the $9 range, as RSI is indicating NEAR is a bit overbought, before either breaking back out or trading sideways.
Thanks for the Merchants for submitting predictions. If you want a chance to earn NEAR for accurate predictions or be featured in articles please head over and join or TG community. The more detailed your analysis is, the higher chance you are featured and earn NEAR.
https://t.me/joinchat/9p64iHVo1e41ZjBh
Best of luck and happy hodling!
