Near Protocol Price Action Tricky as Bulls Strive for Recovery; Fetch AI (FET) Risks Further Dip

The cryptocurrency markets are presenting a mixed picture this week, with some altcoins showing signs of recovery while others face the risk of further declines. One asset in focus is NEAR Protocol (NEAR), which has started to rebound after a bearish move that saw its price drop from $7.9 to $6 over the past seven days.

Based on technical analysis, NEAR’s price action remains tricky as the bulls strive for a sustainable recovery. Although the price has begun to gain traction, it needs to break above a falling trendline currently acting as overhead resistance before it can move further upward. Additionally, the Fibonacci Retracement levels suggest potential resistance at $7.4 (0.5 Fibonacci level) and $7.8 (0.618 Fibonacci level).

Fibonacci Retracement is a technical analysis tool that identifies potential support and resistance levels based on previous price movements. In this case, the 0.5 and 0.618 Fibonacci levels correspond to prices where NEAR may face selling pressure as it attempts to recover.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

Fetch AI (FET) Risks Further Dip

On the other hand, Fetch AI (FET) has continued on a bearish trajectory for the past week. The price has been clearly in the red for the last three days and is currently trading at $2.6, breaking below the 0.681 Fibonacci Retracement level. A close below this level could see FET’s price dip further to the next support area between $2.3 and $2.4.

For Fetch AI, holding crucial support levels is essential for a potential price recovery. If the selling pressure persists and the price breaks below these key support areas, it could signal further downside for the cryptocurrency.

As the markets continue to fluctuate, investors are advised to exercise caution and conduct thorough research before making any investment decisions. It’s crucial to understand the risks associated with cryptocurrency trading and to manage positions accordingly.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Julian Joseph Lehmann
CaptainAltcoin
Logo