NEAR coin price analysis: Bulls overpower bears as coin rests

On a Daily time frame, the NEAR coin price is trading in the supply zone after strongly bouncing off the demand zone. As it formed a bullish candlestick pattern, the coin price bounced off the demand zone with strong bullish pressure. Currently it is transacting at the price level of $1.979.

NEAR coin price depicts positive movement

Despite the bullish run , on a daily time frame, the NEAR coin price is forming a lower low and lower high price formation. On a smaller time scale, the coin price is forming higher highs and higher lows. Despite the global market’s bearishness, the coin price has managed to bounce off the demand zone. From the past 72 hours, the NEAR coin price has been rising.

The NEAR coin price is currently trading below the 50 and 100 MAs .As the coin price rises, it will come into contact with strong bearish pressure from the supply zone. The coin’s price fell below the 50 and 100 MAs due to bearish sentiment. The coin price is currently trading at the lower band of the Bollinger band indicator as it failed to surpass the upper band. Volatility has increased as a result of increased volume, so investors should remain cautious and wait for a clear trend.

The NEAR coin price is forming a falling wedge pattern on a daily time frame

ADX curve has been in a downtrend on a weekly time frame as the coin price entered a consolidation phase. Recently, the ADX curve slipped below the mark of 30. As of now, the ADX curve trades at 23.57 as it bounces off the demand zone. Once the coin price crosses the important short-term supply zone, the ADX curve can also be seen moving up, supporting the trend. The ADX curve has turned sideways indicating a halt in the price movement and a possible change in the price structure in a lower time frame.

RSI curve is trading at the level of 42.68. As of now, the RSI curve is yet to cross the halfway mark of 50. Once the NEAR coin price crosses the supply zone, the RSI curve can be seen crossing the halfway mark of 50 therefore rising higher. The RSI curve has also crossed the 20 EMA. Despite the consolidation phase, the RSI curve is rising indicating bullish momentum to foray. Investors should remain cautious as the RSI curve is nearing the overbought zone.

The NEAR coin price is forming a falling wedge pattern as it is for a lower high and lower low price structure on a weekly time frame. The recent bounce off the demand zone in the price of NEAR coin price has not led to the breakout of the super trend sell line which is acting as a strong supply area. The breakout of the supertrend sell line can result in the formation of a super-trend buy line. Moving upwards the coin price can be seen facing strong bearish pressure from the super trend sell line.

Conclusion: The NEAR coin price has managed to sustain above the demand zone. As per price action, the coin price shows a U-shaped recovery on an hourly time frame. The technical parameters are also bullish indicating bullish momentum to foray into the upcoming trading days. Investors should remain cautious and wait for a proper breakout and then act accordingly.

Support: $1.6 and $1.4

Resistance: $2.1 and $2.5

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.