- The token is trading below the demand zone on the daily time frame.
- The pair of NEAR/USDT is trading at the price level of $2.546 with a gain of 4.97% in the past 24 hours.
The bulls were able to hold the $2.326 level and the token has bounced off strongly but is still trading in a consolidation zone. It remains to be seen if the bulls can break above the $2.568 resistance level and continue the bullish momentum.
NEAR token on the daily chart
The bears tried to bring the token price below $2.326, but the bulls came in strong, denying the bears win. According to the daily chart, NEAR token is currently trading at $2.546, up 4.97% in the last 24 hours. The token is trading between its key Moving Averages of 50 and 200. (Red line is 50 EMA and the blue line is 200 EMA). The token is expected to break out of the consolidation zone upward and continue the bullish momentum.
Relative Strength Index: The asset’s RSI curve is currently trading at 61.79 and is increasing in value as the token bounces off the $2.326 level. The RSI curve has rebounded, and if the bulls continue the bullish momentum, the RSI will cross above the 14 SMA upward, indicating bullishness. The bullish momentum in the coming days will keep the RSI curve value in the overbought zone.
Analyst view & Expectations
The token is trading below the demand zone on a daily time frame. To gain more confirmation on the trend’s direction, investors must wait for the token to break over the $2.568 resistance level before buying. Intraday traders, on the other hand, have a good opportunity to trade in both directions; if the token breaks the consolidation upward, they can go long; if it breaks the $2.326 resistance level downward, they can go short and book profits based on their risk to reward ratio.
According to our current NEAR Protocol price prediction, the value of NEAR Protocol is expected to climb by 18.95% in the next few days, reaching $ 2.97. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 60. (Greed). Over the previous 30 days, NEAR Protocol had 18/30 (60%) green days and 18.82% price volatility. According to our NEAR Protocol forecast, now is a good time to buy NEAR Protocol once it breaks above the $2.568 resistance level.
Technical Levels
Major support: $2.326
Major resistance: $2.568
Conclusion
The token continues to trade in a consolidation zone and the investors are advised to wait for the token to break out of the consolidation zone and then buy.
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/03/near-price-analysis-token-bounces-off-2-326-level-breakout-soon/