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NEAR, ‘far wherever you are,’ whales, pigs, wolves get ready to take…

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NEAR, ‘far wherever you are,’ whales, pigs, wolves get ready to take…

In the last week, while other networks or Protocols complained of either terrible price or on-chain performance and security breaches, the NEAR protocol appeared to have made significant strides according to its weekly newsletter.

Amongst other significant growth to the Protocol, reportedly, the number of unique contracts and daily growth of new wallets on the NEAR Protocol network surged, with 697K new accounts created in one day. This represented an ATH recorded on 6 May.

Now, you might ask- In light of these developments, how did the Protocol’s native token, NEAR perform within the same window period?

No corresponding growth

At 47% below its all-time high (ATH) of $20.426 recorded five months ago, the NEAR token appeared to have seen better days. With a 7% loss recorded on the price front in the last 24 hours, the token stood at $10.61 at the time of writing.

Notably, between 2- 8 May, the NEAR token declined by 9% from $11.7 to $10.61.

Source: CoinMarketCap

Further to this, price movements showed that the bears had an upper hand within this time frame. For the period under review, bearish movements were spotted with the 50 EMA maintaining a position above price for the past one week.

Also, the RSI and the MFI for the token maintained a position below the 50 neutral region towards oversold regions. They both stood at 40.28 and 37.17 respectively at press time.

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Source: TradingView

In addition to these, the market capitalization recorded a 10% decline within the same time period. Standing at $7.2 billion at the time of writing, the token shed 7% in the last 24 hours.

Source: CoinMarketCap

With a 79.53% spike in trading volume in the last 24 hours without a corresponding gain in price, investors appear to be exiting their positions. In fact, they appear to have been doing so gradually in the last seven days.

A glimmer of hope

Away from the gloominess of the price charts, data from the chain provided a bit of hope for NEAR holders.

On a social front, the last seven days were marked by a steady decline in the token’s social volume. However, at press time, this stood at 857, a 45% spike from the index recorded two days ago.

Similarly, on an uptrend at the time of writing, the period between 2-8 May was marked by a steady decline of the social dominance for the token.

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Source: Santiment

Despite the series of developmental strides recorded by the NEAR Protocol between 2 May and 8 May, the count for Development Activity on the chain went on a steady decline. However, at the time of writing, it appeared to have taken on an uptrend marking a spot at the 28 region.

Source: Santiment

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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Zcash [ZEC]: Breaking down the potential effects of the current bearish structure

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Zcash [ZEC]: Breaking down the potential effects of the current bearish structure

As the basis line (green) of the Bollinger Bands (BB) constricted the revival attempts for nearly seven weeks, Zcash [ZEC] bears pulled the altcoin down to yearly lows last week. The basis line has crippled the buyers’ ability to sustain a close near the upper band of the BB.

With the current rising wedge setup being solid, a recovery toward the $113-level could see a slowdown. At press time, ZEC traded at $103.9, down by 2.63% in the last 24 hours.

ZEC Daily Chart

Source: TradingView, ZEC/USDT

Since its multi-month April highs, ZEC bears have persistently steered the price south after propelling an up-channel breakdown. On its way down, the price action underwent strong liquidations whilst the basis line of the BB constricted the bullish comebacks.

Consequently, the alt was down by nearly 67.42% (from 28 Mar) and dropped to hit its 16-month low on 12 May. After the $83-baseline posed some hurdles for the sellers, the bulls quickly provoked a short-term string of green candles. After forming a morning star candlestick pattern, the altcoin continued its oscillation in a bearish rising wedge. 

A continued trajectory in the current pattern could face strong barriers in the $113-zone. This area represented a host of barriers that includes the upper fence of the Pitchfork, the 38.2% Fiboancci resistance. Any reversal from this zone could result in a breakout from the wedge and find testing grounds in the $96-zone. In an unlikely event of invalidating the strong bearish tendencies, any close above the $113-level could test the $126-level.

Rationale

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The Relative Strength Index depicted a gradual uptrend from its oversold lows. As far as the 41-support stood strong, the buyers still had conceivable means to stall the near-term liquidations. But with the -DI line looking north, keeping a check on the selling pressure could be a menacing task for the bulls.

Conclusion

In light of the confluence of multiple hurdles in the $113-zone, ZEC could see a short-term pullback. Any close below the wedge could result in a pathway to its $96-zone lows. To alter the existing narrative, the bulls have to find a spot beyond its Pitchfork and the 38.2% level.

Finally, keeping an eye on Bitcoin’s movement and the broader sentiment would be important to complement the aforementioned analysis.

With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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Polkadot: Why DOT can be expected to lead the upcoming bull run

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Polkadot: Why DOT can be expected to lead the upcoming bull run

Polkadot’s native cryptocurrency DOT has so far managed to remain on the list of top 20 cryptocurrencies by market cap. The latest market events have forced investors to re-evaluate their portfolios in favor of digital currencies that have strong fundamentals, but does DOT fit these criteria?

Polkadot’s multi-chain approach can provide better insights into whether investors consider DOT to be worth having in their portfolio. It announced that interoperability and multi-chain as the future of blockchains are among the key areas of focus during the WEF22 conference on 16 May.

Polkadot’s ecosystem has been growing rapidly as it continues to onboard more projects through para-chain auctions. While this approach bolsters the interoperability agenda, it also boosts organic demand for DOT from projects running as parachains. The para-chain approach allows the community to support projects that align with Polkado’s values and can provide value to the ecosystem.

DOT’s price action and on-chain metrics 

Although DOT is slated to leverage organic growth as the Polkadot ecosystem continues growing, it is also heavily correlated with Bitcoin. It struggled to maintain a healthy recovery after last week’s market crash in which it bottomed out at $7.30. However, it bounced back to $10.07 at the time of writing.

Source: TradingView

It seems DOT’s recovery is currently limited by low buying volumes. It is currently trading at a 58% discount from its April 2022 top. DOT’s price is also at an 82% discount from its current ATH of $55.09 which it achieved in November 2021.

DOT’s supply held by whales metric registered an uptick between 16 May and 17 May, courtesy of slight accumulation. However, the same metric recorded outflows which have so far pushed back to monthly lows. The metric shows that whales are selling and it reflects the lack of adequate buying volumes and failure to register a significant rally.

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Source: Santiment

DOT’s developer metric achieved a significant uptick and is currently in its highest monthly range. The uptick is due to the recently announced Polkadot which also highlights the network’s commitment to security.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Is Cardano’s [ADA] rally probable yet? The answer might impress you

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Is Cardano’s [ADA] rally probable yet? The answer might impress you

Cardano’s [ADA] price has been under a strong bearish influence, especially since dropping from the vital $1.2-resistance. After falling below the 20 EMA (red) and 50 EMA (cyan), the altcoin was on a streak of liquidations while correlating with the broader sell-offs.

Altering the overall outlook was still a long shot for the bulls while they had to find renewed buying pressure to snap the constraints of the 23.6% Fibonacci resistance. At press time, ADA traded at $0.5307, down by 3.12% in the last 24-hours.

ADA Daily Chart

Source: TradingView, ADA/USDT

Aggressive sell-offs from the $1.2-ceiling resulted in a 67.35% drop from ADA’s April highs. As a result, after falling below its Point of Control (POC, red), ADA poked its 15-month low on 12 May. On its way south, the 61.8% Fibonacci level held up well after restricting the falling wedge breakout. While hampering the bear run, buyers finally induced a few green candles but failed to support it on elevated volumes.

Over the last six days, the altcoin saw an expected bearish pennant breakout as the price action approached the 23.6% level barrier. With an overextended gap between the 20 EMA and 50 EMA, the sellers exhibited their superior edge in the current scenario.

A continued revival from its immediate support could see an anticipated hurdle in the $0.59-zone near the 23.6% level. However, without sufficient volumes, the buyers would find it difficult to challenge the resistance offered by the alt’s near-term EMAs. The buyers would now aim to lower the gap between the 20/50 EMA in the coming days.

Rationale

Source: TradingView, ADA/USDT

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The Relative Strength Index suggested that sellers have a clear advantage in the current market structure. The buyers needed to push the RSI above the 38-level to propel a short-term rally beyond the 23.6% level on the charts.

An inability to pick Aroon up (yellow) from the zero-mark could lead to further undesired losses. AN eventual recovery from this level would open doorways for a smoother recovery. 

Conclusion

Looking at the current bounce-back from the $0.5-level, ADA could slam into the 23.6% level for testing its resistance. An eventual break above this level could pave a path to challenge the constraints of its near-term EMAs. But the threats along the Aroon up indicator could delay the potential of a bull run.

At last, ADA shares a high correlation with the king coin. Thus, traders/investors should keep a close watch on Bitcoin’s movement to make a profitable move.

With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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