In the cryptocurrency market, the technical outlook for four major altcoins—Near Protocol, Shiba Inu, Chainlink, and Ethereum—is being shaped by weakening trading volumes and critical price zones. Despite significant movements in recent weeks, these altcoins are struggling for directional clarity in the short term.
Near Protocol Attempts to Uphold Its Uptrend
Near Protocol is currently trading around $4.55 on daily charts. The asset experienced a rally from approximately $1.80 in August to nearly $6.00 by mid-October. Following this peak, a correction of about 24% ensued, although the descent appears relatively orderly.
Near Protocol’s uptrend remains intact as long as it holds above $4.30. However, a notable recovery in trading volume is needed to garner fresh momentum.
Recently, moving averages within the $4.30 to $4.40 range twice provided support, attracting buyers in that zone. The upward trajectory of major moving averages suggests that the broader trend remains unbroken. Nevertheless, there’s been a marked decline in volume following the early October peak. The Relative Strength Index (RSI) has also receded to about 48 from overheated levels seen in September.
For upward attempts, the levels to watch are $4.75 and subsequently $5.20. Surpassing $5.60 could strengthen the chance of revisiting the recent high near $6.00. On the downside, $4.30 serves as a key threshold in the short term.
Shiba Inu Maintains Its Weak Stance
Shiba Inu is trading around $0.00000491, remaining below its major moving averages. The price range between $0.00000520 and $0.00000523 serves as a significant initial barrier. The longer-term average near $0.00000555 indicates the existing fragility of the current structure.
Following a touch near $0.00000620 at the end of September, the asset has been on a downward path. Any rebound attempts since early October have been restricted to similar levels, highlighting the lack of dominance between buyers and sellers as evidenced by the small candle sizes.
The level at $0.00000476 has served as support multiple times. If breached, levels of $0.00000450 and $0.00000430 might come into focus. It’s notable that trading volume has fallen to some of the year’s lowest levels, signaling diminished interest.
Chainlink and Ethereum Trade at Critical Junctions
Chainlink is trading around $11.50. Having risen from roughly $7.00 in early July to nearly $15.80 by late September—a gain exceeding 100%—it subsequently experienced a retreat of about 27%. The moving average near $11.50 and the long-term average close to $11.00 are being monitored as pivotal defense zones.
The RSI’s decline to around 38 suggests that selling momentum is waning, keeping the possibility of a short-term rebound alive. However, a strong recovery appears challenging unless the $12.20 and $12.65 zones are overcome.
For Ethereum, the long-term average near $2,320 is becoming a decisive point for short-term direction; falling below this could bring the $2,100 and $1,900 levels back into the conversation.
Ethereum is trading near $2,330, testing its long-term average around $2,320. The long lower shadows formed in recent days within the $2,280 to $2,300 range indicate buyers defending this area. Still, without daily closes above $2,360, potential for a stronger rebound toward the $2,450 to $2,530 range remains limited. The decline in trading volume combined with an RSI around 40 reflects a weak market sentiment that hasn’t yet reached oversold conditions.
