Biggest Movers: NEAR Slips to 16-Month Bottom, ALGO Over 11% Lower on Monday

Biggest Movers: NEAR Slips to 16-Month Bottom, ALGO Over 11% Lower on Monday

Near protocol fell to its lowest level in over sixteen months, as bearish pressure intensified on Nov. 21. Overall, cryptocurrencies started the week trading lower, following increased speculation on a prolonged market crash. Algorand was another notable token to fall, dropping by over 11% today. Near Protocol (NEAR)

Near protocol (NEAR) dropped to its lowest level in over one year, as the token extended recent declines.

NEAR/USD fell to a low of $1.50 on Monday, slipping for a sixth straight session in the process.

This drop in price has seen NEAR move to its weakest point since July 20 last year, and it has since settled on its floor of $1.50. NEAR/USD – Daily Chart

Looking at the chart, prices have since rebounded from the point of support, and as of writing the token is trading at $1.55.

On the other hand, the 14-day relative strength index (RSI) was unable to remain above its floor of 24.50, and is currently tracking at 22.85.

In order for NEAR to move further away from the $1.50 point, we will likely need to see the index climb closer to a reading of 25.00. Algorand (ALGO)

Algorand (ALGO) was another notable mover to start the week, with prices dropping by over 11% in today’s session.

Following a high of $0.2855 over the weekend, ALGO/USD moved to an intraday low of $0.2452 on Monday.

The move saw the token fall below a key support point of $0.25, as bears seem to be pushing price to a floor of $0.24. ALGO/USD – Daily Chart

Looking at the chart, the RSI is hovering at a floor of its own at 38.20, which seems to be helping prevent further declines in price.

However, should a breakout occur, this will likely push bears to intensify market pressure, potentially sending the token to the target mentioned above.

As of writing, ALGO is trading at $0.2496, which is almost 12% lower than yesterday’s high.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story algo, Algorand, Analysis, NEAR, near protocol

What is behind Monday’s increased market volatility? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Below $16,000 Amid Increased Market Volatility MARKET UPDATES | 10 hours ago Thanks to the FTX Collapse, Bitcoin"s Price in November 2022 Looks to Join the 4 Previous Negative Novembers of the Past 11 Years MARKET UPDATES | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, photo_gonzo / Shutterstock.com Previous articleBTC Has Died 466 Times — 2 More Death Calls Added to the Bitcoin Obituaries List After FTX Collapsed Next articleBitcoin Miners Face a Squeeze as BTC Production Cost Remains Well Above Spot Market Value Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether