With Bitcoin maintaining its position around the $40,000 mark, our previous analysis of the primary cryptocurrency continues to be relevant. Here’s an in-depth review of the market situation for Near Protocol (NEAR) and Maker (MKR) as of Thursday, January 25.
Near Protocol (NEAR)
In the wake of Bitcoin's recent correction, NEAR has continued its downward trajectory, testing new support levels. The asset recently hit a local low at $2.44, establishing a nascent buyer's zone between $2.44 and $2.55.
Given the absence of positive market news and the ongoing uncertainty around Bitcoin's direction, NEAR’s bearish trend might gain momentum. In this scenario, the asset could soon retest the $2.28 level and edge closer to the support range of $1.98–$2.14.
For NEAR to shift back to an upward trend, buyers need to undertake significant efforts. This includes solidifying above the seller's zone at $2.84–$3.10 and starting to challenge the next resistance level at $3.39. Only such moves could set the stage for reaching new highs in the $3.6–$3.85 range.
NEAR chart on the H3 timeframe
Maker (MKR)
Contrary to Bitcoin's current negative sentiment, MKR's buyers have demonstrated resilience, keeping its upward trend intact. The token is now nearing the resistance zone of $2173–$2261, where MKR's yearly peak is situated.
With the positive momentum persisting, further growth of MKR appears to be the more likely path. Once the token surpasses the stated resistance, buyers' next target will be the $2350 mark.
A downturn in MKR's price seems improbable at present. While a brief pullback to the buyer's level at $1994 and the support zone of $1841–$1929 might occur, the overall trend is expected to stay bullish. A shift to a bearish trend would only be indicated by the coin's price solidifying below the $1671–$1751 area.
MKR chart on the H4 timeframe
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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) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement 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:
