While Bitcoin's chart remained steady from our last review, let’s shift our focus to an in-depth analysis of the cryptocurrencies Cosmos (ATOM) and NEAR Protocol (NEAR).
Cosmos (ATOM)
Since the beginning of August, ATOM has been trading sideways between support levels of $8.26-$8.37 and resistance levels of $8.6-$8.68. The prevailing trend remains downward, and ATOM's trading sentiment is largely influenced by the BTC movements.
For the trend to shift positively, buyers would need to break past several resistance zones, specifically the $8.84-$9 area and the $9.25 threshold. However, the current chart doesn't show signs of bullish momentum, making a continued correction the more probable scenario.
If the decline continues, we might see buying interest spike around the psychological mark of $8 and again at $7.8. Further price drops will hinge on both underlying market fundamentals and Bitcoin's trajectory.
ATOM chart on the H2 timeframe
NEAR Protocol (NEAR)
NEAR has been in a prolonged downtrend for over a year and a half. The recent trend also skews bearish, consistently setting new lows. Currently, the digital asset hovers around the support range of $1.30-$1.32. If this downward trajectory persists, the cryptocurrency might soon retest levels at $1.28 and $1.25.
For any semblance of a shift to a bullish local trend, buyers would need to break past the $1.37 resistance and firmly position themselves above the $1.41-$1.44 range. However, multiple resistance levels stacked with sellers' orders lie ahead. Hence, for any significant uptrend in NEAR's price, a potent fundamental driver is required, which appears lacking for now.
NEAR chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — 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 GNcrypto:
