Published 10 hours ago
The Near protocol (NEAR) price has retested the $4.4 and $3 barriers twice, indicating a consolidation phase in the daily time frame chart. The current bear cycle within this range has sliced the midline support of $3.66 and opened a straight path to $3 support.
Key points:
- The NEAR price may drop another 16% before hitting the $3 bottom support
- The coin price trading below 20, 50, 100, and 200 daily EMA accentuates an overall downtrend
- The intraday trading volume in the NEAR is $324.1 Million, indicating a 17.6% gain.
Source- Tradingview
On July 13th, the NEAR/USDT pair rebounded from confluence support of $3 and breached the resistance trendline. Amid the recent recovery sentiment in the crypto market, the bull run surged the altcoin by 42.73% as it hit the $4.64-$4.34 resistance zone.
Furthermore, a long-wick rejection candle on July 22nd accentuated the presence of intense supply pressure. Moreover, with the 50-day EMA acting as an additional barrier at the same level, the NEAR price reverted with a bearish engulfing candle on July 25th.
The bear cycle plunged the NEAR price by 15.75% in the last two days and breached in-between aligned support of $3.87 and the 20-day EMA. Furthermore, the coin price currently trades at the $3.66 mark and may show a minor pullback to retest the breached support.
If the coin price shows sustainability below the $3.87 mark, the sellers pull the price 16% lower to the $3 bottom support.
However, the NEAR price has already rebounded twice from this $3 mark, validating it as a strong accumulation zone. Therefore, if the technical chart shows reversal signs at this support, the investors could grab Near protocol (NEAR) coins at a discounted price.
Technical indicator
RSI indicator: the daily RSI-slope nosedive below the 20-SMA and neutral line indicate the traders are losing confidence in this coin.
MACD indicator: the fast and slow line nearing a bearish crossover may soon project a sell signal. Moreover, if the selling pressure persists, these lines may plunge below the equilibrium offering an additional confirmation for bears.
- Resistance levels- $3.87 and $4.6
- Support levels- $3 and $2.53
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.
Source: https://coingape.com/markets/near-price-analysis-prices-to-revisit-3-support-amid-market-correction/