Elite Analyst Warns NEAR and ONDO Prices Signal Further Dips in September – Here's Their Outlook
- PHPzOriginal
- 2024-08-31 21:54:16480browse
Rekt Capital analyzed Near Protocol and ONDO price paths in the latest edition of their newsletter. The analyses show the price activities of these tokens
Cryptocurrency market analysis firm Rekt Capital has shared its latest analysis on Near Protocol (CRYPTO: NEAR) and ONDO (CRYPTO: ONDO) price paths. Here's a look at what the crypto analyst observed.
Near Protocol Price Analysis
The crypto analyst observes that Near Protocol needs to close its monthly candle above the $4.36 price level to establish a favorable trajectory toward the blue macro downtrend. Currently, NEAR is showing signs of potentially losing this level as support.
According to the analysis, if the monthly close occurs below the black $4.36 level, NEAR may turn this level into new resistance in September. Such a shift in technical dynamics could lead the price to follow the red path over time.
ONDO Price Analysis
The crypto analyst notes that for several weeks, ONDO has been turning the light blue level of $0.74 into new resistance. This marks a significant shift from its previous successful retesting of the same level as support from March to May.
At that time, ONDO price maintained the light blue $0.74 level as support for weeks, but the current situation suggests a potential additional downside for ONDO.
In the monthly timeframe, the analyst mentioned that a monthly close below the light blue level could indicate further declines toward the black levels over time.
Conversely, if the monthly close is below the light blue level, a bounce might occur, flipping this level into new resistance in September, which could lead to continued downside towards the black levels.
To preserve the range between $0.74 and $0.97, ONDO needs a monthly close above the light blue level. However, the analyst observes that it currently appears that ONDO may be losing this range, with the monthly close being crucial for confirmation.
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