Aligned Supports May Hold NEAR Price Above $10

While most cryptocurrencies have been negative in the past 24 hours, the Near Protocol is one of the few coins that is trading in green. The altcoin was 3% high during the early hours and retested the $11.5 mark. Furthermore, the double bottom formation should pump the NEAR price above the $13.2 mark.

Key points: 

• The NEAR chart hints potential bearish crossover between 20 and 100 DMA
• A bullish divergence in the OBV chart bolsters a bullish reversal from the $10 support
• The intraday trading volume in the NEAR is $1.37 Billion, indicating a 103.5% hike.

Source- Tradingview

In late April, the Near Protocol(NEAR) correction tumbled the coin price by 42% lower to $10. However, the altcoin met a confluence of technical support at this mark which mounted a strong defense for buyers.

These support levels consist of a long-coming ascending trendline, 0.786 Fibonacci retracement level, and the $10 psychological level. The NEAR price has rebounded from this support twice within a week, indicating strong interest from buyers.

Moreover, the coin chart shows double bottom pattern formation in the daily time frame chart. The NEAR price currently trades at the $11.03 mark, and responding to the bullish pattern; it should rise to the $13.5 neckline.

A bullish breakout from this resistance would bring additional buying to the market and drive the coin price to $15.

On a contrary note, the $10 fallout would accelerate the ongoing correction to $8.2 support.

Technical indicator

The flattish 100 DMA illustrates an overall range rally in NEAR price. However, the 20 and 100 DMA nearing a negative crossover could accelerate the selling pressure.

The trending OBV indicator determines the growing interest of crypto traders. This bullish divergence would encourage the double bottom breakout from $13.5

• Resistance levels- $13.5, and $15.1
• Support levels-$, $10 and $8.2

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.