Tag: week
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Near Protocol adds 20% in a week. What price action says about the token
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Near token has recovered by almost 20% in a week
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The cryptocurrency saw increased volumes at the $1.25 bottom after a disastrous 2022
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NEAR face bears at the descending trendline and could correct downwards
Near Protocol (NEAR/USD) ended 2022 on a low note. At just $1.26 on December 31 2022, NEAR is among the worst-performing cryptocurrencies, having started the year above $16. The selloff in the cryptocurrency accelerated in November 2022 post-FTX collapse. Investors earmarked the cryptocurrency after reports showed FTX had invested in Near Protocol tokens for nearly $50 million.
But as 2023 kicked off, investors have been accumulating the Near Protocol tokens. With a surge of nearly 20% in the past week, NEAR is one of the top-gaining cryptocurrencies. That is underlined by a huge buy-side volume spike as the token bottomed at $1.25. The spike saw NEAR hit $1.65.
NEAR price outlook and analysis amid increased bullish pressure
The daily chart outlook shows NEAR trading at the descending trendline. The cryptocurrency has been trading on a system of lower lowers and lower highs. The token has retraced at the descending trendline, with the volume indicators showing the entry of bears.
Will NEAR sustain the gains?
There are no clear indicators for the recent surge in NEAR price. It could be due to investors spotting an opportunity as the price crashed following the collapse of FTX.
From the price action and technical indicators, NEAR is still bearish and may not sustain gains. Bears are beginning to gain control of price as it hits the descending trendline. With the bear market showing little signs of abating, the recovery could be hard to come for NEAR. Buying the token on a confirmed uptrend is recommended.
Where to buy NEAR
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
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This little-known altcoin has jumped by 50% in a week. Arweave token (AR/USD)
As digital assets continue to endure a crypto winter, Arweave is crafting a name for itself. The cryptocurrency nearly doubled in value in November. The monthly lows remain at $10, with the highest at $17.8 on November 3. Arweave’s token has fallen back to $10.8, and investors could be looking at it as a potential buy on the dip. Should you?
Arweave is a Decentralised Storage Network or DSN. It allows people needing extra computer storage solutions to connect with those with extra capacity. Arweave is unique in that it permits permanent storage for a single payment. That makes Arweave different from other blockchain-related storage solutions like Filecoin, which involve multiple payments.
Arweave token (AR/USD) has been of interest to investors this month after impressive cryptocurrency news. Meta had announced that it would use Arweave to store its non-fungible tokens on its social media platform. That emphasises that big corporations see the opportunity offered by the blockchain platform. The question now is, can the token sustain the bullish momentum it started this month?
AR on a retracement after the latest gains
Source – TradingViewTechnically, AR met resistance at the $17.8 level. The zone is a long-term resistance that the cryptocurrency has retested severally in the past. The level is the swing high on the Fibonacci retracement, while the swing low is $8.4.
From the daily chart above, the Fibonacci retracement levels are $10.681 (23.6%), $12.052(38.2%), $13.16(50%), and $14.27(61.8%). The token is testing the 23.6% Fib level. The MACD indicator is bullish, but momentum is waning.
Should you buy AR?
While the latest price action is positive for AR, we remain cautious about sustainability. The $17.8 level remains a stumbling block for further upside. Coinciding with a weak crypto sector outlook, a sustained price recovery may be hard to register for AR.
Should a bullish momentum remain for AR, we expect a retest of the $17.8 resistance. On the flip side, AR could next test the $10 support. Also, watch the Fib levels for potential price corrections.
Where to buy AR
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
KuCoin
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.
Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.
Users can benefit from a beginner-friendly interface and relatively low fees.
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Why you need caution trading Bitcoin (BTC/USD) this week
Bitcoin (BTC/USD) trades at $20,390, a clear price decline since topping $21,000 late last month. There is no doubt that BTC remains resilient against a less reassuring macro outlook. The cryptocurrency has strongly defended the $19,500, which has become a crucial psychological level. Consequently, BTC’s technical outlook remains bullish as long as this level is maintained. But investors may need to exercise caution this week.
The Federal Reserve interest rate decision remains the focal point this week. We already know that inflation has been running higher than estimated. With that in mind, investors have earmarked a 75-basis points rate hike when the Fed issues a statement. The expectation has raised caution in all markets, which has been responsible for the BTC slowdown. A rate hike followed by a hawkish Fed statement could spook markets and force a further price fall.
On the contrary, expectations grew mixed the last one week that Fed may settle for a soft stance. With growing recession fears, analysts projected that the Fed would move slower. For this reason, BTC saw some recoveries to above $21,000.
As the Fed nears its policy decision, mixed expectations may not be good for Bitcoin. That is captured in the price reaction, which has stalled despite remaining stable.
Bitcoin stalls ahead of FOMC decision
Source – TradingViewOn the daily chart, Bitcoin met a minor resistance at $21,000. Momentum is weakening, but the MACD indicator remains in the bullish zone.
The 20-day MA crossed above the 50-day MA, suggesting that BTC was heading higher. Both moving averages support the cryptocurrency below.
Should you buy BTC?
The technical indicators and the $19,500 support give a bullish view of the BTC price. However, the sentiment around cryptocurrencies, in general, is mixed. Investors are turning to the Fed statement to assess a bull scenario.
A dovish Fed could be the trigger for BTC to move higher. Similarly, the cryptocurrency could head back to $19,500 on a hawkish Fed. Investors should be patient for now and gauge the BTC price based on the Fed decision.
Where to buy BTC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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This Is why Shiba Inu and Dogecoin (DOGE) Investors Should Stay Alert This week
The Shiba Inu (SHIB) and Dogecoin (DOGE) investors need to pay a lot of attention to the Bitgert (BRISE) and Centcex (CENX) coins.
