Saturday, September 30, 2023

Biggest Movers: NEAR Hits 1-Month Low, XMR Down 12% – Market Updates Bitcoin News

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NEAR saw recent losses extend on Wednesday, as it fell to a one-month low during today’s session. The decline in NEAR came as XMR also traded in the red, falling to a multi-week low in the process.

NEAR Protocol (NEAR)

NEAR was one of the biggest tokens to fall on hump-day, as prices fell to a one-month low earlier in today’s session.

Following a peak of $15.18 on Tuesday, NEAR/USD slipped to an intraday bottom of $12.50 on Wednesday.

The drop saw NEAR fall to its lowest level since March 27, and keeps prices close to recent support of $12.45.

Biggest Movers: NEAR Hits 1-Month Low, XMR Down 12%
NEAR/USD – Daily Chart

Since hitting this floor, there has been somewhat of a rebound, with the price now trading at $12.84, which is still nearly 7% lower than yesterday’s high.

This comes as bulls have historically used this floor as an entry point, with a few rallies occurring at this level in the past.

Aside from this, the 14-day RSI is now hovering around a two-month low, which could be another reason for some to remain optimistic about potential rebound.

Monero (XMR)

XMR was down by over 12% in today’s session, however as the day matured, losses somewhat eased from earlier lows.

As of writing, XMR/USD is trading at $225.58, which follows on from today’s intraday bottom of $224.32.

Overall, monero has been trading lower for the past six sessions, with today’s low coming less than 24 hours after a top of $243.88.

Biggest Movers: NEAR Hits 1-Month Low, XMR Down 12%
XMR/USD – Daily Chart

This latest decline pushed prices below the long-term support level of $229.00, taking XMR to a two-week low in the process.

While prices are trading at a multi-week low, the 14-day RSI is currently tracking at its weakest point since February 26.

Should this recent trend continue, it is likely that bears will be looking to push price toward the lower support level of $211.00.

Will we see XMR end this bearish trend heading into the weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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