Bitcoin (BTC) is currently heading higher. All eyes will be on the number one cryptocurrency as it paves the way for the crypto sector. That said, ready to join Bitcoin are Near Protocol ($NEAR) and THORChain ($RUNE). Both look to have made bottoms against Bitcoin, and could well outperform as the bull market gets into gear.
$NEAR about to change trend to the upside
Source: TradingView
Since it hit a local high at the latter end of September, the $NEAR (NEAR/USD) price has been tracking sideways and downwards, losing almost 25% of its value since that top. However, a series of higher lows, and a breakout of the descending trendline, have perhaps opened the way to a change in trend that could lead $NEAR back to the local high and beyond.
$NEAR bulls face uphill task against $BTC pair
Source: TradingView
The NEAR/BTC weekly chart does not look as good. A huge drop in the price of $NEAR against $BTC finds the cryptocurrency at a potential bottom. If $NEAR is able to hold this horizontal support and the ascending trendline, there is a chance that the price can turn this downtrend around. However, a cross down in the weekly Stochastic RSI signals that momentum is not currently in $NEAR’s favour. Consistent growth against $BTC might take a while to materialise.
$RUNE breaks out and reverses trend
Source: TradingView
$RUNE (RUNE/USD) has broken out of a descending trendline and is moving higher, making a higher high, and a series of higher lows. Currently up against resistance at $4.96, the price will need to battle through here and move up to the strong horizontal resistance at $7.30.
$RUNE at critical juncture against $BTC pair
Source: TradingView
The RUNE/BTC price is at a very crucial point right now. A long time descending trendline converges with an extremely critical horizontal support. Should $RUNE be able to hold above this support and break up through the descending trendline, the Stochastic RSI looks favourable to provide the upwards price momentum that $RUNE will need in order to reverse the trend.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
