September Week 3 Community Highlights: Bear, Bull and Crab
Last week was the first week Merchants predictions were off, understandably on the bullish side. The reason why we do these community highlights is to give people broad scope of market for all possible price action; it is easy to get lost in bull mania when NEAR is breaking ATH’s. Generally you can always produce analysis to fit a narrative you are looking for through modifying timeframe and usage of different indicators. Technical analysis is as much art as it is science.
The few days after peaking, NEAR trended downwards, forming a descending downwards channel. Often there is a bullish exit from this channel but overall market conditions have seen NEAR and crypto trade sideways for the last few days. NEAR has held above the important $7.92 but has lost any momentum for another parabolic breakout.
For community sentiment, there seems be a split between NEAR trading sideways and NEAR breaking out again. The bands from $9.10-$9.50 that many predicted NEAR to settle down in-between last week are the same bands that are prevalent in many peoples analysis this week.
Merchants Bear of the week:
It’s very clear that their is big consolidation on the $Near after ATH we got a big pull back to closing of the week to 9.30$. There are big projects coming up in a row at the same time Ref finance will wind up the things, in my view still there will a down trend .There is hugh setbacks in the Bollinger bands, trend lines as well shows the same on week 2. So my prediction for the week 3 is 7.44$
Last week indiancryptobuzz was spot on in his analysis for his ‘crab’ price action.
Merchants Crab of the week:
According to Fibonacci in this current wave the golden ratio lies in around price 8$ which is acting as a good support right now which it wont lose. There are two distinct possibilities, the price chart is forming a descending triangle right now and cause 8$ is a strong support price should bounce from there and breakout and if it retests it can go to 8.577$ on 23rd September, and if it breakout earlier then it can go till 9.128$
Merchants ‘Bull’ of the Week:
$NEAR saw huge volume in the first half of the month that reached 258.50 million but the last week $NEAR saw huge decrease of volume around 39.34 Millions resulting the price drop to $9.20. Resulting market fall is mostly from profit taking.
Currently price of BTC looks bullish and trading around $48K could be the good sign of breaking resistance of $50K. This, along with some great projects launching on NEAR such as Aurora, could propel NEAR up; however will lower volume and price consolidation phase, move up will be slow.
Last week we erred on the side of caution, expecting a pullback to at least $9 range. This week we are tempering out expectations yet again given the failed bullish breakout. Given that we are in price consolidation, movement will be slow. The alt coin momentum seems to have halted; now we wait to see if Bitcoin can break above 50k resistance and go parabolic itself.
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.
Best of luck and happy hodling!