Overview
Luna: The Terra protocol’s native staking token that absorbs the price volatility of Terra. Luna is used for governance and in mining.
Near Protocol: NEAR Protocol is a scalable blockchain designed to provide the performance and user experience necessary to bridge the gap to mainstream adoption of decentralized applications.
The market structure of Luna and Near has been discussed in this article. The coins Luna and Near looks bearish on their daily chart, might seek a reversal soon.
Luna
Currently trading at $71.988, Luna is down by 7.11%. The market structure of Luna today was balanced. It started the day at a high of $80.836 levels. The coin then rallied down till $75.898 levels during the day before making a reversal. The first support was at $78.653 levels. The coin tested the first major resistance at $79.00 levels. The intraday high was seen at $80.836 levels. On the daily chart, the coin looked consolidating at lower levels. On the hourly chart, the coin is rallying downwards, it is most likely to break on the upside.
Market indicators
Hourly RSI: The hourly RSI is at 44 levels, indicating price weakness in the short run.
Fibonacci Retracement levels:
23.6%: $74.232, 38.2%: $76.747, 61.6%: $80.813
Major support level: $70.166
Major resistance level: $83.708
Conclusion
On the upside the prices may soon move above $80 level, further rally upwards will lead to the first major resistance level at FIB 78% level to come in force. On the downside, a fall back below the level of 23.6% FIB level will test the first support level at $70.166 level.
Near Protocol
Near is currently trading at $14.087 levels, down by 7.82%. Here’s the market structure of Near:
It started the day at $15.712 levels. The market structure of Near currently is bearish. On the daily chart, the coin consolidated in a bearish flag pattern. It tested the first major support at $14.624 levels and the second support at $14.457 levels. The coin tested the first resistance at $15.098 levels. The intraday high of the coin was seen at $15.712 levels and its intraday low was at $13.756 levels. On the hourly chart, the coin was seen consolidating between $13.950 and $14.298 levels. Currently, the edge seems to be with the buyers who are driving the prices.
Market Indicators
Hourly RSI: The hourly RSI is currently moving towards 47 levels, showing mild price weakness in for short term. However, this is more likely to go down owing to pressure from buyer’s side.
Fibonacci Retracement levels:
23.6%: $15.030, 38.2%: $15.988, 61.6%: $17.537
Major support level: $13.481
Major resistance level: $17.988
Conclusion
The first major resistance level sits at 78.6% FIB level, barring an extended crypto rally. If broad based crypto rally comes in play, the second major resistance level will be at $18.640 level. A fall-back through 23.6% FIB level will bring the major support level at $13.294.
