Market Watch of NEAR, DOT, SOL and ATOM in the Bear Territory – Explained in details

Table of Contents

Near has recently broken out of its short-term downward trendline and is consolidating. The maintenance of its crucial horizontal support will be pivotal for any potential bullish momentum.
DOT faced a breakdown of its descending triangle and is now seeking support around $3.88. Breaking above the resistance line of the ascending triangle is crucial for a possible recovery, with significant EMAs acting as key resistance levels.
SOL broke out of a descending wedge but encountered resistance around $19.79 and the 50 EMA. It’s currently approaching a vital support zone around $17.3, supported by various factors, while technical indicators show a mixed picture of strength and weakness.
ATOM attempted a breakout from a parallel downward channel but faced resistance at $7.44 and the 50-day EMA.

NEAR:

Near has been trading within a pattern of lower highs and lower lows, facing resistance from three descending trendlines, both short-term and long-term in nature. However, a recent development has seen Near break above its short-term downward trendline, currently in a consolidation phase. The key point to note is that Near is maintaining its position above a critical horizontal support level. The preservation of this support is crucial for Near to exhibit bullish momentum in the near future. Resistance for Near is pegged around the $1.24 mark, while the 50, 100, and 200 Exponential Moving Averages (EMAs) also pose as formidable barriers.
On the technical side, the Relative Strength Index (RSI) shows a bullish divergence, while the Moving Average Convergence Divergence (MACD) is firmly entrenched in bullish territory, hinting at potential bullish days ahead for Near.

DOT:

DOT had been confined within a descending triangle pattern, eventually breaking below its support line. As previously mentioned, $3.88 serves as a robust support level for DOT. After briefly touching this support, it experienced a surge in price followed by rejection at the resistance line.
Presently, DOT has retested and confirmed the breakdown of the descending triangle. The next critical support level for DOT stands at approximately $3.88. It is of utmost importance for DOT to maintain this support and breach the resistance line of the ascending triangle to offer investors and traders hope for a potential recovery. Furthermore, significant EMAs at the 50, 100, and 200-day levels are also acting as substantial resistance.
On the technical front, the Relative Strength Index (RSI) indicates a bullish divergence for DOT at the daily level, while the Moving Average Convergence Divergence (MACD) also points to a bullish stance.

CRYPTONEWSBYTES.COM dot-1-1-1024x434 Market Watch of NEAR, DOT, SOL and ATOM in the Bear Territory - Explained in details

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SOL:

SOL was previously ensnared within a descending wedge but has recently broken out of this pattern. Following the breakout, it faced resistance from a horizontal line at $19.79 and the 50-day Exponential Moving Average (EMA).
Subsequently, SOL retraced downwards after encountering strong resistance within the price zone ranging from $19.79 to $21.9. It is now approaching a crucial support line at $17.3, an area fortified by multiple support elements including the horizontal line, an upward trendline, and the 0.618 Fibonacci retracement level.
The Relative Strength Index (RSI) for SOL currently registers below 50, signaling weakness, while the Moving Average Convergence Divergence (MACD) remains in bullish territory.

ATOM:

ATOM finds itself trading within a parallel downward channel and recently attempted to break out of this channel. However, this breakout appears to be more of a false alarm, as ATOM encountered resistance at the horizontal line around $7.44 and the 50-day Exponential Moving Average (EMA) at the daily level.
To gather bullish momentum, ATOM must successfully convert both the parallel channel’s resistance and the resistance at the horizontal line into support levels. Currently, ATOM has support at $6.84 and $6.5.
Technical indicators suggest a bullish trend for ATOM, but it is imperative that ATOM flips its current resistances into support to fuel an upward movement and instill confidence among investors and traders.

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Conclusion:

In conclusion, the cryptocurrency market has been marked by distinctive patterns and technical indicators for four prominent cryptocurrencies: Near, DOT, SOL, and ATOM.
Near is showing promise as it breaks free from a downward trendline and holds above a critical horizontal support level. Technical indicators like the RSI and MACD signal potential bullish momentum in the near future.
DOT, on the other hand, faces a pivotal moment as it retests the breakdown of a descending triangle. Maintaining support at $3.88 and breaching the resistance line is crucial for any hope of recovery. The RSI and MACD also hint at bullish possibilities.
SOL exhibits a breakout from a descending wedge but faces resistance at $19.79 and the 50-day EMA. It’s important to monitor the support at $17.3, which is bolstered by multiple factors, and consider the weakening RSI against the bullish MACD.
ATOM has attempted a breakout from a parallel downward channel but met resistance at $7.44 and the 50-day EMA. To establish bullish momentum, ATOM needs to transform these resistance levels into support. The RSI suggests weakness, but the MACD remains bullish.
Investors and traders should closely monitor these cryptocurrencies, keeping an eye on their respective support and resistance levels, along with the evolving technical indicators, to make informed decisions in this dynamic market.

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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.