Category: NEAR Protocol

Top 3 Coins to Watch Today: NEAR, LINK, ICP – July 11 Trading Analysis

Post author By Malik Junaid
Post date July 11, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.

NEAR Price Analysis

At the time of writing, NEAR is ranked the 25^th cryptocurrency globally and the current price is US$3.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q2, NEAR retraced 70% from its highs to support at the retracement of around $3.09.

The price shifted market structure to run to the consolidation lows near $3.40, just under the monthly open. A continued bearish trend in the market may create support just below, between $3.00 and $2.76.

On the other hand, if the current resistance breaks, the price may find resistance near $4.23 and $5.14, whereas mid-Q2 buyers might still be trapped in longs.

2. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 23^rd cryptocurrency globally and the current price is US$6.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early Q2 trend retraced near $5.80 into the consolidation that began the impulse before bouncing to $8.92. This consolidation could provide support again, although bears would first have to push the price through possible support near $6.10.

The market’s structure may be shifting bearish, with $7.40 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.00 before finding support near $5.87.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $7.27 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $9.18.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum. The Internet Computer scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, it enables the complete re-imagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 34^th cryptocurrency globally and the current price is US$6.51. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICP has dropped 53% from its most recent Q2 high as it continues its nine-month downtrend. The edge of the recent swing’s lower candle bodies could provide the closest support, near $5.12. This level overlaps with the 100% extension of June’s opening rally.

Currently, the price is testing possible resistance near $7.00. This level has confluence with the 9 EMA. It is unclear if it will hold as resistance, but it’s reasonable to anticipate a run above bears’ stops at $7.30.

If the price breaks through this resistance, it may find its next resistance near $7.69. This level is near the midpoint of May 12’s swing low and the midpoint of an inefficiently traded area on the weekly chart.

A rally this high may reach slightly higher, near $8.32. This area formed the base of the June opening rally, shows inefficient trading on the daily chart, and is at the low end of May’s accumulation range.

Below, there is no historical price action to suggest possible support. The next downside targets may be near $4.70 and $3.95. These approximate levels are near the 150% and 200% extensions of June’s opening rally.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Compound Crypto News Kucoin Market Analysis NEAR Protocol Trading

Top 3 Coins to Watch Today: KCS, NEAR, COMP – June 23 Trading Analysis

Post author By Malik Junaid
Post date June 23, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. KuCoin Token (KCS)

KCS is the native token of KuCoin, launched in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralised trading solution goes live, KCS will be the native asset of KuCoin’s decentralised financial services as well as the governance token of the KuCoin community in the future.

KCS Price Analysis

At the time of writing, KCS is ranked the 46^th cryptocurrency globally and the current price is US$10.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

KCS has been trading through a massive range during Q2, with the price showing mild bullishness from last week.

Bulls bought near $9.50. The weekly level and daily gap near $10.23 could prompt buyers to step in again as the price challenges the swing high and resistance around $13.50. A strong move and acceptance above this level may reach for the swing highs at $14.75 and $15.66, which mark another area of resistance.

However, rejection from the current area may send the price down to retest support near $10.00. Relatively equal lows around $9.78 provide a rich target for a stop run. Sustained bearishness may reach the low near $8.90 and possibly as low as $7.14 into higher-timeframe support.

2. Near Protocol (NEAR)

NEAR Price Analysis

At the time of writing, NEAR is ranked the 25^th cryptocurrency globally and the current price is US$3.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q2, NEAR has retraced 70% from its highs to support at the retracement of around $3.10.

On the other hand, if the current resistance breaks, the price might find resistance near $4.83 and $5.14, whereas mid-Q2 buyers may still be trapped in longs.

3. Compound (COMP)

Compound COMP is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform. When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. These COMP tokens can be bought from third-party exchanges or can be earned by interacting with the Compound protocol, such as by depositing assets or taking out a loan.

COMP Price Analysis

At the time of writing, COMP is ranked the 99^th cryptocurrency globally and the current price is US$39.29. Let’s take a look at the chart below for price analysis:

Source: TradingView

After rallying over 55% from its Q1 low, COMP is encountering resistance near $57.43.

This resistance and the monthly open at $40.13 currently have the price trapped. The swing high and resistance near $49.27 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near $62.55.

The daily gap at $35.12 could provide support, while the area beginning near $30.49 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near $28.48, possibly finding a floor at possible support beginning near $24.71.

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Crypto News Market Analysis NEAR Protocol Trading VeChain Waves

Top 3 Coins to Watch Today: NEAR, VET, WAVES – June 1 Trading Analysis

Post author By Malik Junaid
Post date June 1, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Near Protocol (NEAR)

NEAR Price Analysis

At the time of writing, NEAR is ranked the 20^th cryptocurrency globally and the current price is US$6.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its uptrend during Q1, NEAR has retraced 70% from its highs to support at the retracement of around $5.80.

The price shifted market structure to run to the consolidation lows near $6.40, just under the monthly open. A continued bearish trend in the market may create support just below, between $6.00 and $5.20.

On the other hand, if the current resistance breaks, the price might find resistance near $8.33, whereas mid-Q1 buyers may still be trapped in longs.

2. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 32^nd cryptocurrency globally and the current price is US$0.03286. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 68% move during late March ran into resistance near $0.08420, at the 30% extension of the Q1 swing.

An old high and the 18 EMA have provided support near $0.03083 and may give support again on a retest. This area also has confluence with the 51% and 63.8% retracements of November’s swing.

Just below, near $0.02943, the 56.8% retracement of the current Q1 swing might also mark an area of support.

If the market turns bearish, $0.02572 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.03948, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.04478. Above, old consolidations near $0.04825 and $0.05072 may also provide some resistance before another round of price discovery.

3. Waves (WAVES)

WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.

WAVES Price Analysis

At the time of writing, WAVES is ranked the 60^th cryptocurrency globally and the current price is US$8.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

During April’s high, WAVES‘ slight drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $7.12 and $6.35 – between the 41.8% and 50.6% retracements – could see at least a short-term bounce.

Long-term consolidation suggests that the areas near $11.45 and $13.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $12.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $15.42, the start of the bearish move.

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Crypto News Fantom Internet Computer Market Analysis NEAR Protocol Trading

Top 3 Coins to Watch Today: FTM, ICP, NEAR – May 2 Trading Analysis

Post author By Malik Junaid
Post date May 2, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 50^th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q1 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.60, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.6911. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs.

If this level fails to provide support, a zone from $0.6534 to $0.6230 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early August’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.5930, might mark an area of possible support as well as a bearish target.

2. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 37^th cryptocurrency globally and the current price is US$13.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q1, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $20.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $23.12.

Even if the bearish trend continues, a stop run at the recent swing low near $13.01 into possible support beginning near $12.75 is reasonable. If the price reaches further down, the swing low and possible support near $12.13 might provide another downside target.

The area near $11.95 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $11.40 into possible support beginning around $10.88.

3. Near Protocol (NEAR)

NEAR Price Analysis

At the time of writing, NEAR is ranked the 19^th cryptocurrency globally and the current price is US$11.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its uptrend during Q1, NEAR has retraced 45% from its highs to support at the retracement of around $10.15.

The price shifted market structure to run to the consolidation lows near $12.11, just under the monthly open. A continued bearish trend in the market may create support just below, between $11.84 and $11.25.

On the other hand, if the current resistance breaks, the price might find resistance near $17.98, whereas mid-January buyers may still be trapped in longs.

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Algorand Crypto News Market Analysis NEAR Protocol Trading Zilliqa

Top 3 Coins to Watch Today: ALGO, NEAR, ZIL – April 14 Trading Analysis

Post author By Malik Junaid
Post date April 14, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30^th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.9322.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.12 might look for bids near $1.06. More significant resistance rests above, near $1.18. A group of significant swing highs at $1.20 and $1.26 give possible targets if this resistance breaks.

A stop run on the recent low at $0.7065 into possible support beginning near $0.6630 might see stronger bidding. This area also has a confluence with the recent monthly lows.

2. Near Protocol (NEAR)

NEAR Price Analysis

At the time of writing, NEAR is ranked the 17^th cryptocurrency globally and the current price is US$16.74. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its uptrend during Q1, NEAR has retraced 20% from its highs to support at the retracement of around $15.15.

The price shifted market structure to run to the consolidation lows near $14.51, just under the monthly open. Continued bullishness in the market may create support just below, between $14.00 and $13.45.

Bulls might show more interest if the price retraces near the February open, around $13.00. Continued bearishness could see the price reach into old support around $12.55.

On the other hand, if the current resistance breaks, the price might find resistance near $21.98, whereas mid-January buyers may still be trapped in longs.

3. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 70^th cryptocurrency globally and the current price is US$0.1091. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 65% drop during Q1 found a low near $0.04038 before closing over a monthly high around $0.1482 with massive gains. This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.1637.

A sustained bullish move may target the swing high at $0.1864. If this stop run occurs, a run beyond the high into probable resistance near $0.1988 and $0.2045 is possible.

Bulls could buy a retracement to possible support near $0.1018, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.09376.

However, relatively equal lows near $0.08834 and $0.08224 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.07815 and $0.07766.

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Crypto News Market Analysis NEAR Protocol Polkadot Polygon Trading

Top 3 Coins to Watch Today: DOT, MATIC, NEAR – March 14 Trading Analysis

Post author By Malik Junaid
Post date March 14, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 12^th cryptocurrency globally and the current price is US$17.93. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 70% during Q1, showing little sign of interest from buyers.

March’s consolidation at possible support from $18.68 to $19.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $24.70, and the monthly high near $26.88 may see profit-taking from bulls.

The first test of possible support near $15.70 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $14.66, running stops under the Q3 2021 swing low.

If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.55 to $12.87.

2. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 16^th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its January low, MATIC has been in a steady bullish trend – printing a 54% gain by early February. The price found support near $1.45, at the 82.6% retracement level, during February’s decline.

Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.82 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.35, and still find support.

Currently, the price is contesting a region between $1.59 and $1.40. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.49, while $1.58 is also likely to be sensitive with the nearest support and resistance this close together.

3. Near Protocol (NEAR)

NEAR Price Analysis

At the time of writing, NEAR is ranked the 22^nd cryptocurrency globally and the current price is US$10.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its December to mid-January uptrend, NEAR has dropped 74% from its highs to support at the 78.6% retracement around $9.15.

The price shifted market structure to run to the consolidation lows near $10.51, just under the monthly open. Continued bullishness in the market may create support just below, between $12.22 and $11.90.

Bulls might show more interest if the price retraces near the February open, around $11.60. Continued bearishness could see the price reach into old support around $10.00.

If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls may show more interest from $9.43 to $8.69.

On the other hand, if the current resistance breaks, the price might find resistance near $14.98, whereas early-January buyers may still be trapped in longs.

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APENFT Crypto News Market Analysis NEAR Protocol Trading Vulcan Forged PYR

Top 3 Coins to Watch Today: NFT, NEAR, PYR – February 8 Trading Analysis

Post author By Malik Junaid
Post date February 8, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. APENFT (NFT)

Apnet NFT core businesses include investing in top NFT platforms and artworks; incubating leading NFT artists to build a bridge between world-class artists and the NFT world; sponsoring galleries, organising art exhibitions or publications, and setting up awards to support art creation and criticism; establishing art collections, etcetera. By applying blockchain technology to the NFT world, APENFT Fund expands the use cases of blockchain and purchases well-known traditional and NFT artworks as underlying assets.

NFT Price Analysis

At the time of writing, NFT is ranked the 105^th cryptocurrency globally and the current price is US$0.000002481. Let’s take a look at the chart below for price analysis:

Source: TradingView

After falling 73% from its Q4 highs, NFT found a low at its last support near $0.00000169.

The price is currently encountering resistance near $0.00000246, which has confluence with a previous consolidation range’s lows and the 40 EMA.

If Monday’s low stays above $0.00000219, this price to Monday’s final low could act as support. At the current prices, this suggests $0.00000240 to $0.00000231 could act as support.

Otherwise, bulls will likely be looking near $0.00000224 for possible support. Just below, $0.00000210 – near the February open – may offer a higher probability of buyer interest.

If the current resistance breaks, the 78.6% retracement of the last leg down – near $0.00000262 – may offer resistance. This level is close to the 2022 yearly open and the candle-body lows of the recent consolidation range.

A more sustained rally will likely aim for the relatively equal highs and consolidation from $0.00000322 to $0.00000346.

2. Near Protocol (NEAR)

NEAR Price Analysis

At the time of writing, NEAR is ranked the 24th cryptocurrency globally and the current price is US$13.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its December bullrun, NEAR has dropped 54% from its highs to support at the 78.6% retracement around $10.15.

The price shifted market structure to run to the consolidation lows near $13.51, just under the 2021 yearly open. Continued bullishness in the market might create support just below, between $13.22 and $12.90.

Bulls might show more interest if the price retraces near the February open, around $11.70. Continued bearishness might see the price reach into old support around $10.15.

If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls might show more interest from $7.43 to $5.99.

On the other hand, if the current resistance breaks, the price might find resistance near $16.88, whereas early-January buyers may still be trapped in longs.

3. Vulcan Forged (PYR)

Vulcan Forged PYR, the makers of VulcanVerse, is a blockchain game studio and NFT marketplace. PYR is the native utility token used for: fees for marketplace settlement; staking in VulcanVerse land and other assets; upgrading and sustaining game asset levels, and play-to-earn rewards. There are 50 million PYR tokens created; 20 million of them are max circulation. Another 10 million will be used for play-to-earn pools and staking.

PYR Price Analysis

At the time of writing, PYR is ranked the 154^th cryptocurrency globally and the current price is US$16.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

PYR has dropped nearly 87% from its December peak, finding support near $7.00. This level offers a reasonable probability of being – or being near – the bottom after this significant a retracement.

The consolidation lows near $16.65 are offering some resistance after a bullish market structure shift.

Bulls might be watching from $14.06 to the February monthly open for signs of support on any retracements from sellers. This possible support has confluence with the 9, 18 and 40 EMAs, and is close to the 2021 yearly open and the February monthly open.

If this level fails to provide support, a retest of the last support near $9.26 is likely. A dip this low could retest quarterly support near $7.70.

However, if the market sustains its rally and breaks through the current resistance, relatively equal highs and an old consolidation range’s highs from $22.40 to $25.63 might offer the next significant resistance.

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