Today, ShortSelling will discuss Monero (XMR) and Near (NEAR) – where the price of these two cryptocurrencies could move in the upcoming period.

The prices of most public cryptocurrencies are losing their value this Thursday as the impact of the Russian-Ukrainian war and the rising risks of the recession continue to worry investors.

Russia continues to build up its military for the expected offensive in eastern Ukraine, and for now, we can not see the light at the end of the tunnel. European Commission President Ursula von der Leyen said that Russian forces appear to have committed war crimes by targeting civilians in Ukraine, while U.S. President Biden said that Russian President Vladimir Putin is committing genocide in Ukraine.

The U.S. is sending another $800 million worth of weapons systems and other security assistance to Ukraine, and to date, the U.S. has sent over $2 billion worth of military assistance to Ukraine.

Speculation about the Federal Reserve's next move also negatively influenced the cryptocurrency market after U.S. central bank signaled one or more 50 basis-point interest rate hikes in the months ahead. Fed members believe that inflation is likely to continue higher than predicted for longer and Fed Chairman Jerome Powell said that there is more room for further policy tightening without hurting employment.

Monetary tightening is usually seen as a drag on risky assets, and according to Morgan Stanley, the cryptocurrency market could lose its value even more if the U.S. central bank sets out a more aggressive tone to fight inflation.

Bitcoin has weakened below $40000 today, but it is important to say that Russia's Chamber of Commerce and Industry President Sergei Katyrin said that the country should integrate cryptocurrencies such as Bitcoin into its financial system. Russia's Chamber of Commerce and Industry President Sergei Katyrin said :

“Cryptocurrencies should be used as part of the country's involvement with Africa to ensure providing intergovernmental agreements with African states in mutual settlements and payments. ”

The ongoing conflict between Ukraine and Russia could spark massive crypto adoption, and Russian oligarchs could use them as a tool to evade sanctions. Despite this, many analysts have agreed that the free float of cryptocurrencies is too low to allow for the large-scale wealth transfer that would be necessary for Russian oligarchs.

The cryptocurrency market is easily affected by unpredictable events, and most traders are now taking advantage of the current price declines. The prices of Monero and Near are also in a correlation with Bitcoin, and if the price of Bitcoin falls below $35000 support, we can see new lows for Monero and Near.

Technical analysis of Monero (XMR)

Monero is a cryptocurrency with a focus on anonymity, and it is designed to protect the privacy of a sender (or receiver) of coins. Monero has weakened from the recent high above $240, and for now, everything indicates that we could see even lower prices for this cryptocurrency. The price of Monero currently stands at around $226, and at this value, the total market cap of Monero is approximately $4.10 billion.

If the price drops below $200, which represents very strong support, the next target could be located around $180 or even below. Monero (XMR) remains under pressure; still,  if the price advances above $280 resistance, the next target could be located around $300.

Technical analysis of Near (NEAR)

NEAR is an open-source platform that enables creators, communities, and markets to drive a more open, interconnected, and consumer-empowered world. Near ( NEAR) has weakened from its recent highs above $19, and the risk of further declines is not over yet. The price has stabilized now above $15, but we can expect that the price could test this level again in the upcoming hours or even minutes. According to technical analysis rules, a break below $14 support would indicate that NEAR could probably test the $12.5 level.

If the price drops below $10, which represents very strong support, the next target could be located around $8 or even below. Near remains in the “correction phase”; still,  if the price advances again above $18, the next resistance could be located around $20.

Conclusion

Risk aversion continues to dominate financial markets as the impact of the Russian-Ukrainian war and the rising risks of the recession continue to worry investors. The crypto market has lost billions of dollars in a very short period, and it could fall even more if the situation worsens as investors look for safer places to invest their money. Speculation about the Federal Reserve's next move also negatively influenced the cryptocurrency market after the U.S. central bank signaled one or more 50 basis-point interest rate hikes in the months ahead.