The conflict between Israel and Iran stimulated a cryptographic market sale on Friday, with a close protocol undergoing significant price volatility despite impressive adoption measures.
The protocol has become a layer 1 solution of layer 1, exceeding established competitors like Ethereum, Binance Chain and Tron in monthly active users, highlighting a growing change in user preferences to platforms offering lower transaction costs and improved conviviality.
Market analysts note that the recent Correction of the Narch prices occurred despite its solid fundamental principles, the token currently negotiating below key technical indicators.
The emphasis on the protocol on the user -friendly infrastructure, including features such as the abstraction of accounts and chain signatures, positioned it as an attractive option for developers and users in the blockchain space, in particular as it develops in AI applications and web3 consumption applications.
While short -term price action remains uncertain with support for $ 2.20 and resistance to $ 2.30, the remarkable growth of Nargers users suggests a recovery potential if wider market conditions are improving and that institutional interest continues to develop around its expanding ecosystem.
Technical analysis
- The quasi-USD underwent a significant correction, from $ 2.50 to a minimum of $ 2.18, representing a drop of 12.8% over the period 24 hours a day.
- The most intense sale occurred during midnight hours (00: 00-02: 00), with an exceptionally high volume (5.4 to 6.9 million) establishing a resistance area of around $ 2.37.
- A modest recovery attempt was born from the level of support of $ 2.18, with stabilization of the price of the range of $ 2.21 to $ 2.25, although the rebound was not condemned as evidenced by the reduction in volume during the recovery phases.
- The formation of upper and highest high and low because the initial decline suggests consolidation, with immediate support at $ 2.20 and resistance to $ 2.30 probably determining the following directional movement.
- During the last hour, the quasi-USD demonstrated significant volatility with a strong recovery of the previous correction, going from $ 2,217 to a peak of $ 2,239 before consolidating itself.
- The most notable price action occurred between 13: 31-13: 40, where almost increased by almost 4% in exceptionally high volume (86,916-147 856 units), establishing a new resistance zone around $ 2,235.
- A brief decline at $ 2,214 at 13:54 found immediate support, buyers work to postpone prices over $ 2.22.
- The time end at $ 2,223 represents a gain of 0.5% of the opening price, the volume models suggesting an accumulation after the previous sale, potentially indicating a short-term trend reversal if prices can maintain above the level of support of $ 2.22.
