Near Protocol Price Analysis: NEAR investors tumbled near 20 EMA, will the downtrend continue?

The Near Protocol appears to be in recovery mode as the hourly price chart is moving higher.
This week, the 20-day exponential moving average has acted as the most recent bullish barrier.
The NEAR/BTC pair is down 6% with the presence of 0.0001832 Satoshis

The Near Protocol price appears to be on the mend, as it has reversed from its low of $4.78 in May. Meanwhile, the hourly price scale is forming higher highs as it approaches the $6.5 resistance level.

During the recovery, NEAR investors managed to break the bearish trend line (white). Despite a bullish breakout, the bulls were rejected near the $6.5 mark, which remains a short-term resistance level.

The NEAR coin has recovered around 35% in the last five days of the trading session. Thus at the time of writing the NEAR coin is trading at $5.8. Meanwhile, the market cap fell 5.6% to $4 billion, according to CMC data for the past 24-hours. Furthermore, the NEAR/BTC pair is down 6% with the presence of 0.0001832 Satoshis.

For a more bullish presence, investors will need to acquire more buying power to bypass short-term resistance. Additionally, the 20-day exponential moving average has acted as the most recent bullish barrier in the context of the daily price chart.

The recovery is accompanied by an increase in trading volume, which suggests that buyers are bearish to revisit the price this month near the $10 conceptual round level. But last night traders saw a 31% drop in trading volume.

RSI shows recovery sign

In terms of the daily price chart, the RSI indicator is moving towards the semi-line (50 points) after reversing from the oversold zone. Meanwhile, MACD did a bullish crossover but both the moving lines are still inside the negative territory.

Conclusion

To overcome short-term barriers and gain a more positive presence, investors will need to acquire more purchasing power. Near Protocol Coin may have favorable momentum in the following trading sessions. The bulls, on the other hand, must control costs above the 20 EMA as fast as possible.

Support levels- $4.5 and $4.0

Resistance level- 6.5 and $10

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.

ALSO READ: What impact will Quantitative Tightening by the Federal Reserve put on Cryptocurrencies?

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing