Biggest Movers: NEAR Slips to 16-Month Bottom, ALGO Over 11% Lower on Monday
Near protocol fell to its lowest level in over sixteen months, as bearish pressure intensified on Nov. 21. Overall, cryptocurrencies started the week trading lower, following increased speculation on a prolonged market crash. Algorand was another notable token to fall, dropping by over 11% today. Near Protocol (NEAR)
Near protocol (NEAR) dropped to its lowest level in over one year, as the token extended recent declines.
NEAR/USD fell to a low of $1.50 on Monday, slipping for a sixth straight session in the process.
This drop in price has seen NEAR move to its weakest point since July 20 last year, and it has since settled on its floor of $1.50. NEAR/USD – Daily Chart
Looking at the chart, prices have since rebounded from the point of support, and as of writing the token is trading at $1.55.
On the other hand, the 14-day relative strength index (RSI) was unable to remain above its floor of 24.50, and is currently tracking at 22.85.
In order for NEAR to move further away from the $1.50 point, we will likely need to see the index climb closer to a reading of 25.00. Algorand (ALGO)
Algorand (ALGO) was another notable mover to start the week, with prices dropping by over 11% in today’s session.
Following a high of $0.2855 over the weekend, ALGO/USD moved to an intraday low of $0.2452 on Monday.
The move saw the token fall below a key support point of $0.25, as bears seem to be pushing price to a floor of $0.24. ALGO/USD – Daily Chart
Looking at the chart, the RSI is hovering at a floor of its own at 38.20, which seems to be helping prevent further declines in price.
However, should a breakout occur, this will likely push bears to intensify market pressure, potentially sending the token to the target mentioned above.
As of writing, ALGO is trading at $0.2496, which is almost 12% lower than yesterday’s high.
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What is behind Monday’s increased market volatility? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Below $16,000 Amid Increased Market Volatility MARKET UPDATES | 10 hours ago Thanks to the FTX Collapse, Bitcoin"s Price in November 2022 Looks to Join the 4 Previous Negative Novembers of the Past 11 Years MARKET UPDATES | 2 days ago
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