Over the past few days, the cryptocurrency market lost more than $200B.
Over the last few days, the cryptocurrency market has been in bearish trends. The market lost more than $200 billion over the weekend as the total cryptocurrency market cap fell from $1.7 trillion down to $1.5 trillion.
The market lost almost 4% in the last 24 hours. Bitcoin is currently struggling to reach the $33k level, having lost its support level of $35k. Bitcoin could suffer further losses in the coming days.
Ether also fell below the psychological $2,500 level. Further losses could force the ETH bulls to defend their position over $2,000.
NEAR, the native token in the Near ecosystem is the best performing cryptocurrency among the top 20 by market capital over the past 24 hours. Over the last 24 hours, NEAR has seen a more than 7% increase in its value.
NEAR’s positive performance has been sustained despite the absence of a major catalyst. NEAR may have trouble maintaining this bullish trend as the wider market is bearish.
Watch out for the following key levels
Despite the positive performance, the NEAR/USDT 4-hour chart remains bearish. The technical indicators indicate that NEAR is slowly recovering in value.
NEAR has been trending bearish in recent weeks, so the MACD line is below that neutral zone. NEAR is not in an oversold area as shown by the 50-day RSI.
NEAR trades at $11.07 per coin as of press time. The rally could continue and push past the $12.40 resistance level if it continues. The second resistance level at $13.285 will stop further upward movement.
NEAR’s gains could be reversed as the wider market remains bearish. NEAR may have to defend its $9.046 support level before the close of the day.
