Biggest Movers: WAVES, NEAR Hit Multi-Week Lows on Saturday

Biggest Movers: WAVES, NEAR Hit Multi-Week Lows on Saturday

11.06.2022 Off By admin

NEAR fell to a one-month low to start the weekend, as prices moved below their long-term support point. WAVES was also lower during Saturday’s session, falling by as much as 14%. Overall, crypto markets are down nearly 5% as of writing.

Near Protocol (NEAR)

NEAR was one of the most notable movers to start the weekend, as prices fell by over 10% on Saturday.

Following a peak of $5.03 on Friday, NEAR/USD has so far slipped to an intraday low of $4.38 in today’s session

This drop saw prices fall by nearly 13%, and comes as the global crypto market cap is down 4.8% as of writing.

Saturday’s decline came as NEAR broke out of its support point at $4.45, on its way to its lowest point since May 11.

The 14-day RSI is now also firmly oversold, and is trading at 30.62, which is a two-week low, whilst also acting as a floor.

Should this floor be broken, then we may see NEAR move below that one-month low of $3.57, and instead hit an 11-month bottom.

WAVES

WAVES was also down by double digits on Saturday, as it hit a lower low for the tenth consecutive session.

As of writing, WAVES/USD hit an intraday low of $6.30 to start the weekend, which is $1.17 below yesterday’s high.

Looking at the chart, today’s move has pushed WAVES closer to its long-term support of $4.40, which is a level that hasn’t been hit since May 30.

Overall, prices are down over 15% as of writing, and are trading at their lowest point in almost two weeks.

Despite the weakening of the RSI as a result of the sell-off, the indicator has already found another level of support at 36.50.

Relative strength is still moving towards this level however, and should it land there, then WAVES will also likely hit $4.40.

Is it inevitable that WAVES will decline further as the weekend goes on? Let us know your thoughts in the comments.