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NEAR’s price is currently trading at $1.949 on the daily timeframe. - 2
The NEAR price is seeing an increase of 0.68% in the last 24 hours.
The NEAR’s price is making consistent higher high and higher low patterns on the daily timeframe. The price has been facing severe resistance from the 200 EMA where all the key faster-moving averages are below it. Presently the buyers are making an effort to push the price up after breaking out of its previous resistance level.
The price of NEAR broke out of its bear trend near early January. After gaining support from $1.200 it made a double-bottom pattern and rallied up to more than 95%. However, despite the bull’s support the price was not able to reach its resistance level near $3.000. NEAR after consolidating within a range took a bearish correction according to the previous prediction and made a downfall of more than 37% within a few weeks.
Technical Analysis ( 1 Day Timeframe )
NEAR price is trading on a major bearish trend while taking constant resistance from the 200-day EMA. The immediate resistance for it is near 100-day EMA and the major resistance level for it is 30% above the current price near the 200 EMA on the Daily timeframe. The consolidation of price near the demand zone and previous price action is suggesting a bullish recovery however the price has many resistance levels on that path to cross before it can attain its target.
The NEAR price at present takes critical resistance from the 100 and 200 Exponential Moving Averages. At present the support levels for the NEAR price are around $1.800 and the next support level will be around $1.600. The resistance point for the price of NEAR is near $2.100 and its major resistance is at $2.600.
The RSI line is taking resistance from the 14 SMA trading below the median line. The RSI line is making a higher high and higher low since the end of November. The value of the RSI line as of now is 45.09 points, while the 14 SMA is making a barrier at 46.45 points. The RSI curve is supporting the bullish recovery.
The Stochastic RSI is trending near the oversold level of around 18.29 points. The %K line and %D line have already given a positive cross-over near the 15.12 points below 30 RSI.
Conclusion
According to the analysis, the NEAR price has been facing critical resistance from 200 EMA and it may make another attempt to break above its long term resistance. The stochastic RSI and RSI are taking a bullish reversal from the oversold levels.
Technical levels –
Support –$1.800
Resistance – $2.100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and 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/2023/04/30/near-price-analysis-will-the-near-price-make-a-recovery/