As a seasoned crypto investor with a knack for spotting trends and understanding the nuances of the digital currency market, I find myself intrigued by the recent performance of Bitcoin, Near Protocol ($NEAR), and THORChain ($RUNE). The bullish sentiment surrounding Bitcoin is palpable, and it’s not hard to see why – the world’s first cryptocurrency continues to lead the charge in this dynamic sector.
As a crypto investor, I’m keeping a close eye on Bitcoin (BTC), which seems to be surging higher right now. The focus of the entire crypto sector is on Bitcoin as it carves its path forward. Interestingly, two other cryptocurrencies, Near Protocol ($NEAR) and THORChain ($RUNE), appear to be gearing up for a potential rise. These coins seem to have found their bottoms in relation to Bitcoin, suggesting they could significantly outperform as the bull market gains momentum.
$NEAR about to change trend to the upside
As an analyst, I’ve observed a significant pattern in the price movement of NEAR/USD since it peaked towards the end of September. After hitting a local high, the price has been moving sideways and downwards, shedding approximately 25% of its value from that peak. However, a sequence of higher lows and a breach of the descending trendline suggests a potential shift in this trend, which might propel NEAR/USD back to the local high and potentially beyond.
$NEAR bulls face uphill task against $BTC pair
The chart showing NEAR/BTC’s performance over the past week doesn’t appear promising. A significant decrease in the value of NEAR compared to BTC has it hovering near what could be a bottom. If NEAR can maintain this horizontal support and the rising trendline, there’s hope that it might reverse its current downward trend. Yet, a dip in the weekly Stochastic RSI indicates that the momentum is not currently on NEAR’s side, suggesting potential delays in significant growth against BTC.
$RUNE breaks out and reverses trend
As a researcher observing the RUNE/USD market, I’ve noticed an encouraging breakout from a descending trendline, indicating a potential upward momentum. This is evident in the formation of higher highs and a series of higher lows, which are key bullish indicators. However, at the current price level of $4.96, RUNE is facing resistance. To continue its ascent, it must surmount this barrier and push towards the formidable horizontal resistance at $7.30.
$RUNE at critical juncture against $BTC pair
Currently, the price of RUNE/BTC is at a pivotal moment. A lengthy downtrend line intersects with a highly significant horizontal level of support. If RUNE manages to stay above this support and surpass the descending trendline, the Stochastic RSI indicates it could offer the positive price thrust that RUNE needs to switch the trend direction.
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2024-10-18 20:07