NEAR and XMR: Altcoin Analysis for December 29, 2023
While Bitcoin hovers around $42,400, the market's focus, especially with the approach of New Year's Eve, seems to be shifting from asset movement to holiday preparations. We offer a detailed look at the market situation for the altcoins Near Protocol (NEAR) and Monero (XMR) as of Friday, December 29.
Near Protocol (NEAR)
From October 15, NEAR has soared by 350%, hitting a local peak at $4.62. With its all-time high still 400% above the current price, NEAR retains significant upside potential.
It's trading within the support range of $3.34-$3.63 and facing resistance at $4.29-$4.62. Overcoming the psychological barrier of $4 is key for further growth. If the trend gains momentum, NEAR might test the $5 level.
The potential for a NEAR correction is also notable, with lower support levels at $3.2 and $2.75-$3.04. Further declines will depend on BTC's behavior.
NEAR chart on the H2 timeframe
Monero (XMR)
XMR's correlation with Bitcoin's price is minimal, making its market behavior unique. Analysis of Monero should be done on a daily timeframe due to its stable price movements.
The coin is nearing resistance at $179-$187. Considering the growth since early September 2023 and the overall upward trend in the market, a continuation of XMR's rise is plausible. Beyond the current resistance, XMR could test the $200 and $210 levels. A firm hold above these levels might significantly boost its growth.
A correction for XMR seems unlikely, with key support at $155-$162. The asset could only fall to this level if Bitcoin dips to $38,000. The $150 level and the $135-$143 zone are attractive for accumulating the coin in the spot market.
XMR chart on the Daily timeframe
The cryptocurrency market typically sees less volatility over weekends, so a similar trend is likely to continue.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
