Near Protocol and Venice Token Show Strength Amid Bitcoin Stability

▲ Bitcoin, Cryptocurrency ©

While Bitcoin (BTC) is holding above the $77,000 mark, Near Protocol and Venice Token are showing strong gains in the altcoin market, indicating a resurgence in investor sentiment. As the recent selling pressure eases, expectations for a short-term rebound are also rising across the market.

According to investment media FXStreet on May 22 (local time), Bitcoin continues to trade sideways above the $77,000 mark, and the market's average Relative Strength Index (RSI) rose from 42 to 49 the previous day. The media explained that the RSI approaching the neutral zone suggests that the bearish pressure that has recently weighed on the market is easing.

Notably, altcoins showed particular strength. Near Protocol (NEAR) surged over 8% in a day, extending its 13% jump from the previous day. Its current price is moving above the 50-day and 200-day Exponential Moving Averages (EMA), indicating that a short-term uptrend is being maintained. The Moving Average Convergence Divergence (MACD) histogram also expanded in the positive zone, suggesting further upside potential.

However, the RSI soared to around 82, intensifying the overbought signal. The media analyzed that if NEAR forms a daily close above the 61.8% Fibonacci retracement level of $1.91, the next resistance level could open up at $2.39. On the downside, the $1.63 and $1.39 levels were mentioned as key support zones.

Venice Token (VVV) also continued its strong uptrend. VVV rose 4% in a day, extending its 12% surge from the previous day, and is currently trading near its all-time high. On the 4-hour chart, it is moving above the 50-period EMA of $15.67 and the 200-period EMA of $12.52, maintaining its upward trend. The RSI is at 68, indicating strong upward momentum, but short-term overheating concerns are also growing.

FXStreet predicted that if VVV breaks through the $18.96 resistance level, it could enter a price discovery zone, with $24.07 potentially being the next target. However, if a short-term correction occurs, the area around $15.67 is expected to act as a key support level.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*