QNT was trading close to recent highs on Wednesday, as prices were battling through a turbulent session. The token was mainly in the green on hump day, falling by as much 7% on the day. NEAR also declined, with prices heading toward a one-year low.
QNT remained close to a two-month high on Wednesday, despite prices falling by as much as 7% earlier in today’s session.
The token dropped to an intraday low of $78.46 during Wednesday’s action, as prices moved towards support at $75.
Since this drop, prices have somewhat risen, with the token now trading at $80.20, which is around $10 away from last week’s high.
This peak at $90.35 was the highest price QNT/USD has traded at since June 9, however following this high, bearish sentiment returned as traders likely liquidated their earlier positions.
Recent gains in QNT have come as the 10-day moving average continued to climb against the 25-day MA, however this momentum was halted by the recent $90.35 price ceiling.
Although bears have contributed to a volatile week of trading, momentum is still somewhat bullish, which could intensify in upcoming sessions.
Near Protocol (NEAR)
NEAR was hovering close to a one-year low on Wednesday, as prices fell for a fourth consecutive session.
Following a high of $3.33 on Tuesday, NEAR/USD fell to a lower low of $3.07 on hump day, which is its lowest level in two weeks.
This bottom is marginally above the bottom on June 20, when prices fell to $2.65, which was the lowest point for NEAR since August 2021.
As of writing, prices of the token continue to trade close to support of $3, which could be an ideal reentry point for bulls.
Recent history shows that bulls typically have bought close to the support point, and this could re-occur, should the 14-day RSI remain above its own floor.
This is at the 37.9 point, which has held firm for the past three weeks, and should this extend into a fourth, NEAR could move closer to $4.
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Will NEAR fall to a new 11-month low this week? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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