NEAR Slips to 16-Month Low, ALGO Drops Over 11% on Monday – Bitcoin News Market Updates

NEAR Slips to 16-Month Low, ALGO Drops Over 11% on Monday – Bitcoin News Market Updates

The quasi-protocol fell to its lowest level in more than sixteen months as downside pressure intensified on November 21st. Algorand was another notable token to fall, dropping over 11% today.

Near Protocol (NEAR)

The near protocol (NEAR) fell to its lowest level in over a year as the token extended recent declines.

NEAR/USD fell to a low of $1.50 on Monday, slipping for a sixth straight session in the process.

This price drop saw NEAR hit its lowest point since July 20 of last year, and it has since settled to its low of $1.50.

Biggest moves: NEAR slips to 16-month low, ALGO drops more than 11% on Monday
NEAR/USD – Daily Chart

Looking at the chart, prices have since rebounded from the support point and, at the time of writing, the token is trading at $1.55.

On the other hand, the 14-day Relative Strength Index (RSI) could not stay above its low of 24.50 and currently stands at 22.85.

For NEAR to move further away from the $1.50 point, we will likely need to see the index climb closer to a reading of 25.00.

Algorand (ALGO)

Another notable mover to start the week was Algorand (ALGO), with prices down over 11% in today’s session.

After a high of $0.2855 over the weekend, ALGO/USD moved to an intraday low of $0.2452 on Monday.

The move saw the token fall below a key support point of $0.25, as the bears appear to be pushing the price to lows of $0.24.

Biggest moves: NEAR slips to 16-month low, ALGO drops more than 11% on Monday
ALGO/USD – Daily Chart

Looking at the chart, the RSI is at its own low at 38.20, which seems to help prevent further price declines.

However, should a breakout occur, it would likely cause the bears to intensify market pressure, potentially sending the token to the target mentioned above.

As of this writing, ALGO is trading at $0.2496, nearly 12% below yesterday’s high.

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What’s Behind Monday’s Increased Market Volatility? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




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