CRYPTO — Can Near Protocol Near and Theta Theta Lead the Altcoins, or Will Resistance Prove Too Heavy?
It is the nature of the wise to resist pleasures, but the foolish to be a slave to them. — Epictetus
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Crypto Queries — March 7th, 2024
It’s always fascinating to witness the ebb and flow of the altcoin market, especially when the heavyweights like Near Protocol (NEAR) and Theta (THETA) step into the limelight. The recent surge in Bitcoin’s price has undoubtedly fueled an eruption of life in the altcoin space, with NEAR and THETA emerging as front runners. However, let’s not get too carried away just yet; heavy resistance is rearing its head, waiting to test the mettle of these altcoins.
Looking at NEAR, we see a bullish trend with a breakout from an up-sloping channel, which is typically a bearish pattern. This unexpected turn of events is indeed a bullish action and should not be overlooked. However, on the weekly time frame, we witness NEAR running into substantial resistance, hinting at a potential rejection. The current price of $6.95 could potentially see a retreat back to $6, representing an enticing entry point.
Similarly, THETA offers an interesting spectacle. In the short term, it’s knocking on the door of the top of an up-sloping channel, hinting at a potential bullish continuation. Yet, a closer look at the weekly chart reveals a historical heavy resistance level dating back to 2021 and 2022. This historical barrier suggests a looming rejection, with $3.30 emerging as a key level for THETA to regroup before making another attempt.
As we navigate through this altcoin landscape, it’s crucial to maintain a balanced perspective. The bullish moves of NEAR and THETA should be celebrated, but it is equally important to acknowledge the formidable resistance standing in their path. These are the moments that truly test the resilience and fortitude of the altcoins, and it remains to be seen whether NEAR and THETA have what it takes to overcome the obstacles or succumb to the pressure.
The altcoin market is a dynamic theater of volatility, possibility, and skepticism. While we can revel in the successes of NEAR and THETA thus far, it would be prudent to tread cautiously and keep a watchful eye on how they navigate the treacherous waters of heavy resistance. Will these altcoins rise to the occasion and lead the charge, or will they succumb to the overwhelming pressure? Only time will reveal the ultimate fate of NEAR and THETA as they grapple with the formidable resistance that looms before them.
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