NEAR Price is trading near the support zone and trying to recover from the lows but faces selling pressure near the 20-day EMA, which does not permit buyers to rebound from the past trading sessions. However, bulls persisted in holding the range and bounce, which shows that there could be a bounce in the upcoming sessions.
From the past months, the NEAR price has been underperforming and forming lower highs and lower lows, forming a bearish chart structure.
The price action showed that if further selling happened, NEAR could retest its immediate support mark of $1.150 and head toward the round mark of $1.000. NEAR price is in a downtrend and has shown a correction from the top.
On the other hand, if any bounce happens, the immediate resistance is at $1.600, where a 50-day EMA exists. Moreover, the recent fall showed that the price is under the seller hands and trading in the congestion zone.
When writing, NEAR trades at $1.355 with an intraday gain of 0.84%, showing a pause near the support zone. Moreover, the trading volume also showed an upside of 4.30% at $81.77 Million, showing low interest from investors. The market cap of NEAR is $822.68 Million. The intraday high of NEAR is $1.336, and the low is $1.296.
Will NEAR Price Showed a Rebound
On the daily charts, NEAR protocol was in a downtrend and is willing for a rebound. Buyers are still in the battle and trying to enter the neutral zone of $1.600 to regain strength.
As per the Bollinger band and Fib indicator, NEAR closed the last session candle below the mid-Bollinger band and is attempting to sustain that range. Furthermore, the NEAR token price was trading below the 23.6% Fib level showing the presence of a negative outlook and seller dominance in the previous sessions.
Will NEAR Price catch $1.600?
On the 4-hour charts, NEAR token is trading in a congestion zone, and the price is now at a make-or-break level. If the price bounces above the 20-day EMA, buyers will gain traction, leading to further reversal in trend. On the other hand, sellers are also willing to drag the price toward the strong demand zone near $1.200.
The RSI curve is near 45, showed a sharp bounce from the oversold region, and displayed a positive crossover in the previous trading sessions.
The MACD indicator also began to show green bars showing reversal indications with a bullish crossover.
Conclusion:
NEAR protocol price is trading near the support zone and is trying to rebound to retain the neutral range near $1.500.
Technical Levels:
Support Levels:$1.150 and $1.300
Resistance Levels:$1.600 and $2.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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
Source: https://www.thecoinrepublic.com/2023/07/07/near-price-analysis-near-sinks-below-neutrality-what-next/