NEAR price analysis: NEAR/USD hopes to touch previous resistance of $9.924

TL;DR Breakdown

  • NEAR price analysis indicates that the market is bearish today.
  • RSI Levels on both the 1-Hour and 4-Hour chart indicate a balance in the market.
  • In the last 24 hours, the price is fluctuating between $8.9461 and $9.1634.
  • The next few hours will be critical in determining the course of the market.
  • NEAR might get close to the previous resistance of $9.924 in the next 24 hours.

Today, NEAR price analysis is highly bearish, as the price has gone from yesterday’s closing at $9.9242 to the current price of $9.2648.

From 7th to 8th of September 2021, was a significant increase in the price as the market remained overbought. A day later, NEAR set resistance at the $11.488 mark, which is still unpassed.

NEAR price analysis: NEAR/USD hopes to touch previous resistance of $9.924 12
Cryptocurrency heat map by Coin360

At large, the cryptocurrency market today has bullish sentiments as Ethereum is marking an increase of 1.32 percent, whereas Bitcoin’s price has gone up by 1.19 percent. That is not all. Other altcoins such as Dogecoin, Cardano, Solana, and Ripple have also increased the price. Yet, NEAR seems to be exhibiting bearish sentiments as per NEAR price analysis.

NEAR price analysis: NEAR/USD hopes to touch previous resistance of $9.924 13
NEAR Price Chart by TradingView

The 1-Day Near price analysis graph gives us a clear picture of how much the price has fallen compared to yesterday. Although, the current price of $9.2648 is still higher than the closing price of 6th September, which was $6.0924. The previous support at this point is still unbroken.

However, the RSI curve, which currently rests at 71.78, is steeply projecting downwards, indicating that the overbought market is set to fall soon as per NEAR price analysis. That is confirmed by the slight fall in market price today. Although, a crossover is yet to happen according to the MACD analysis and the histograms remain in the green zone, which gives us hope that the bulls might recover soon.

NEAR/USD 24-hour price movement

NEAR price analysis: NEAR/USD hopes to touch previous resistance of $9.924 14
NEAR Price Chart by TradingView

In the last 24 hours, the price of NEAR oscillates between $8.9461 and the current price of $9.1634. The RSI levels remain around 47, which indicates a balance in the market in the current hour. Though the bulls seem to be slowly catching up, the price movement is expected to improve in the next few hours.

Currently, NEAR has a volume–market cap ratio of 0.1303 and a market dominance of 0.20 percent. Hence, it currently stands in the 43rd position based on its market cap.

NEAR/USD 4-hour graph: Can NEAR break the $9.9242 resistance?

NEAR price analysis: NEAR/USD hopes to touch previous resistance of $9.924 15
NEAR Price Chart by TradingView

Since NEAR set resistance at $11.4886 on the 9th of September, we can see that the market is gradually falling in the bigger picture. The dip is more apparent right before the crossover on the MACD analysis that occurred at 00:00 (UTC) on the 10th of September.

Since then, the market is overall bearish yet at an increasingly slower pace. It looks like the bulls are slowly catching up to the recent dip, and hence, there is a huge chance for the price to start rising again for a brief period.

For now, the RSI curve on the 4-hour NEAR price analysis seems nearly constant at 51.46. Hence, the market is balanced for now as a tug-of-war goes on between the buyers and the sellers. So, the next few hours are going to be critical in determining the market’s course.

NEAR Price Analysis: Conclusion

There is a good chance for bulls to take over and to try breaking yesterday’s resistance at the $9.9242 mark in the next 24 hours. From there, though, the market is likely to fall again rapidly.

While you wait for the market to take its due course, how about you check out our comprehensive guide on decentralized exchanges?

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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