NEAR Protocol has demonstrated strength as it attempts to reclaim the critical $2.00 level. After consolidating between $1.80 and $2.00 for several weeks, NEAR has finally been able to surpass the psychological $2 mark. The asset is currently trading above its 50-day, 100-day, and 200-day moving averages concurrently.
The next barrier is located close to $2.10, where resistance is currently being provided by the 100-day moving average. A clear break above that level might pave the way for $2.30 and possibly more. Additionally, the RSI has risen above 50, suggesting that momentum is returning to the bulls.
XRP is still below its 50-day, 100-day, and 200-day moving averages despite a minor attempt at recovery. The asset is currently trading at $1.09, and the descending moving average cluster between $1.11 and $1.15 is still posing significant resistance.
Market Trends
Both Dogecoin and Shiba Inu are stuck in well-established downtrends, trading below important moving averages, and finding it difficult to generate enough buying pressure to start a significant rebound. Shiba Inu continues to face particularly challenging circumstances, still below its 50-, 100-, and 200-day moving averages at $0.0000042.
Indicator Analysis
The fact that SHIB’s RSI is close to 36 and on the verge of oversold territory is one possibly positive indicator. Relief rallies have historically frequently preceded such circumstances. However, before any more comprehensive recovery narrative becomes plausible, the asset would first need to reclaim resistance close to the 50-day moving average.
Dogecoin is sitting well below critical indicators, which strongly suggests a possibility of a rapid reversal downward. The asset hasn’t fully recovered from a significant breakdown that occurred in June. Although buyers were able to halt the initial decline, they have not produced enough strength to overcome resistance levels above $0.076-$0.083.
Based on reporting from crypto.news.
