In midweek, the Near Protocol(NEAR) price experienced a significant inflow due to the launch of a new stablecoin, USN. The bullish rally teased a breakout from the $17.5 resistance Amid the announcement. However, the sellers reverted the coin price immediately, initiating a minor pullback.
Key points:
- The RSI slope shares a bearish divergence in the daily time frame chart
- NEAR chart displays an evening star candle at $17.5
- The intraday trading volume in the NEAR is $1.09 Billion, indicating a 36% hike.
Source- Tradingview
Following the path of a rounding bottom pattern, the NEAR/USDT pair is gradually nearing the All-Time High resistance of $20.6. This recovery rally initiated during the latter part of March has sliced through a monthly resistance of $13.3 and registered a 104% gain from the $8 bottom support.
The news-driven rally encouraged the buyers to breach the following resistance of $17.5; however, the sellers undermined the demand pressure and forced a candle closing below the resistance. A 12% rejection tail attached to the daily candle indicates the aggressive selling on the higher levels.
Today, the NEAR price is down by another 4%, forming an evening star candle pattern at $17.5 resistance. Therefore, the minor retracement may drop to 20-day EMA dynamic support before continuing the bullish rally.
Note: The coin holders can maintain a strong bullish sentiment until this EMA support is intact.
Technical indicator
A bullish sequence among the rising EMAs(20, 50, 100, and 200) maintains a solid bullish trend for NEAR. These emails can provide strong support to coin price during the occasional pullback.
However, a Daily-RSI slope displays a bearish divergence concerning the two upswings at $17.5. The downsloping RSI line nosedived below the 14-SMA leading to a minor correction.
- Resistance levels- $17.5, $20.65
- Support levels- $13.3 and $10
Disclaimer
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.
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Source: https://coingape.com/markets/near-price-prediction-near-price-hints-pullback-opportunity/