- On the daily price chart, the NEAR price is moving slowly upward while seeking a solid direction.
- The crypto asset is moving above the 20 and 50 days moving average.
- The NEAR/BTC pair is at 0.0001869 BTC which is at an insignificant gain of 0.71%.
NEAR Protocol is a layer-one blockchain that addresses some of the issues that have plagued rival blockchains, including slow transaction rates, limited throughput, and poor interoperability. It was created as a community-run cloud computing platform.
The NEAR price is struggling for a proper direction but is at a very slow uptrend movement over the daily price chart. The bulls and bears are having a neck to neck fight to take over the dominance of the crypto market. Currently the bulls are getting a bit heavier and trying to initiate the recovery, however, there are not enough buyers to successfully reverse the trend. The coin should accumulate its bulls as they also need to focus on sinking trading volume. But still the price gained approximately 25% in just 5 days.
The current price for one NEAR coin is hovering at 4.45 USD with a loss of 1.13% in its market capitalization in the last 24 hrs. The coin has a trading volume of 426 million which is at a loss of 4.96% in the 24 hrs trading session and a market cap of 3.33 billion.The volume market cap ratio for NEAR is 0.1288.
What do Technical Indicators Suggest for NEAR
If the situation persists the multiple EMA can witness a positive cross over the daily price chart.
While watching the MACD indicator we can observe the buyers line is moving above the sellers signal line indicating the buyers dominating and the histograms are also growing green after fading. The relative strength index is also moving towards the upper region indicating the increase in buying. The RSI value is above 55. The coin needs to accumulate buyers before its too late.
Conclusion
The NEAR price is struggling for a proper direction but is at a very slow uptrend movement over the daily price chart. The coin should accumulate its bulls as they also need to focus on sinking trading volume. The technical indicators are appearing in favour of the bulls and the efforts must be consistent to save the coin from a collapse.
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Technical levels
Resistance levels: $5.17 and $5.81
Support levels: $3.5 and $2.67
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/07/31/near-protocol-price-analysis-near-bulls-are-accumulating-to-overcome-bearish-efforts/