NEAR falls to 16-month low, ALGO over 11% lower on Monday – Market Updates Bitcoin News
The Near Protocol fell to its lowest level in over sixteen months as bearish pressure intensified on November 21. Overall, cryptocurrencies started the week trading lower, following heightened speculation of a prolonged market crash. Algorand was another notable sign that fell, falling over 11% today.
Near Protocol (NEAR)
Near protocol (NEAR) fell to its lowest level in over a year, as the token extended recent declines.
NEAR/USD fell to a low of $1.50 on Monday, falling for a sixth straight session in the process.
This price drop has caused NÆR to move to its weakest point since July 20 last year, and it has since settled on the floor of $1.50.
Looking at the chart, prices have since bounced back from the support point and at the time of writing, the token is trading at $1.55.
On the other hand, the 14-day relative strength index (RSI) failed to hold above the floor of 24.50, and is currently trailing 22.85.
For NEAR to move further away from the $1.50 point, we would likely need to see the index rise closer to a reading of 25.00.
Algorand (ALGO)
Algorand (ALGO) was another notable mover to start the week, with prices falling over 11% in today’s session.
After a weekend high of $0.2855, ALGO/USD moved to an intraday low of $0.2452 on Monday.
The move saw the token fall below a key support point at $0.25 as bears look set to push the price to a floor of $0.24.
Looking at the chart, the RSI is hovering at a floor of its own at 38.20, which seems to help prevent further price declines.
However, should a breakout occur, this would likely push the bears to intensify market pressure, potentially sending the token to the target mentioned above.
At the time 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.
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