- NEAR token price is consolidating in a small parallel channel pattern, resulting in the formation of a bearish flag and pole pattern on a daily time frame.
- The NEAR token is in a strong bearish trend after it broke down the important demand zone.
- The pair of NEAR/BTC is trading at 0.00008054 with an increase of 1.02% in the past 24 hours.
EOD token price, as the price action suggests, is in a strong bear grip, after it failed to sustain above the previous demand zone of $1.05. At present, the token is trading in a small parallel range which could be a halt before it starts the further fall. Currently, the EOD token is trading below all the vital moving averages (50,100).
The NEAR token has formed a double bottom kind of pattern and if it breaks the important demand zone of $1.00, the EOD token can be seen validating the pattern. The token is trading in a narrow range and therefore a big move is possible on the breakout side.
Bollinger Band indicator has also narrowed indicating an impulse move in the upcoming trading days.NEARtoken is trading in the middle of the Bollinger band indicator after bouncing off the lower band of the Bollinger band indicator. Volumes have slowed down due to range-bound trading. Investors should remain cautious until they get confirmation whether this phase is an accumulation of distribution.
NEAR token price is forming a bearish flag and pole pattern on the daily time frame
NEAR token failed to sustain above the previous demand zone of $1.50 which resulted in a sharp fall in the price of the NEAR token. This led to the formation of a bearish flag and pole pattern.
Relative Strength Index: RSI is currently trading at 45.66 and it is shaping a sharp fall that took place in the price of EOD tokens.For the token to turn bullish RSI need to cross the halfway mark of 50, which can result in the breakout of the range on the upside. Until then investors should wait for a specific trend and then act accordingly.
Average Directional Movement Index: ADX is depicting the share fall that the token witnessed, as the ADX curve has slipped below 25.ADX curve Is still pointing downward and there seems no hope for any recovery. As the consolidation continues the strength is also loosening which can result in a sharp fall in the price of NEARtokens.
MACD and Supertrend are showing a bearish trend in a daily time frame
Moving Average Convergence Divergence: MACD is nearing a sell signal as the blue line is nearing the orange line. Once the blue line crosses the orange line on the downside there can be a massive rally in the price of the NEARtoken. Despite bouncing off the small-term demand zone, the token is not showing strength as per the technical parameter. An investor should wait for the crossover of both lines and then act accordingly.
Supertrend: Massive bearish rally in the price of NEAR price has led to super trend indicators giving a sell signal after it breaks down the $1.5 price level. Although the token price is consolidating, the super trend indicator is still negative and acts as strong resistance. Once the token breaks the price of $1.70, the super trend indicator can be seen giving a buy signal. But it seems unlikely as the NEAR token is in a strong grip of bears.
Conclusion: NEAR token, as the technical parameters suggest the token is forming a strong bearish pattern.Once the token breaks that pattern there can be follow up bearish rally which can push the price of the NEAR token to $0.80.
Support: $0.80 and $0.90
Resistance:$1.54 and $1.841
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/20/near-token-price-analysis-the-near-token-fails-the-hopes-of-bulls/