TL;DR Breakdown
- NEAR Protocol price analysis suggests sideways movement before further downward movement.
- The closest support level lies at 1.400 and further below at $1.355
- NEAR faces resistance at $1.420 and further above at the $1.450 mark
The NEAR Protocol price analysis shows that the NEAR price action found support at the $1.400 mark and the bullish momentum has enabled the price to return to the $1.420 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $1.450 mark.
The broader cryptocurrency market observed a mixed market sentiment over the last 24 hours as most major cryptocurrencies recorded mixed price movements. Major players include XRP and BNB showing a 1.22 percent incline and a 0.96 percent decline respectively.
NEAR Protocol price analysis: NEAR finds support at $1.400
The MACD is currently bullish as expressed in the green colour of the histogram. On the other hand, the indicator shows low momentum at the press time as the asset has only recently exhibited a bullish crossover. However, the darker shade of the indicator suggests a decreasing bullish momentum as the price finds support at the $1.400 mark.
The EMAs are trading below the mean position as net price movement over the last ten days remains strongly negative. Currently, the EMAs are trading close to each other showing low bullish momentum at press time. On the other hand, the diverging EMAs suggest a slowly increasing bearish momentum.
The RSI dipped into the oversold region today as selling pressure escalated in the morning causing a steep price drop to the $1.400 mark. At press time, the indicator trades in the neutral region near the oversold line at the 34.78 index level as the price suggests strong bearish dominance with the upwards slope suggesting an increasing bullish pressure at the current price level.
The Bollinger Bands are currently wide as the price action observes high volatility across the short-term charts. However, as the price moves up from the $1.400 mark, the bands will show convergence. At press time, the bands’ lower limit provides support at the $1.355 mark while the upper limit presents a resistance level at the $1.544 mark.
Technical analyses for NEAR/USDT
Overall, the 4-hour NEAR Protocol price analysis issues a sell signal at press time with 12 indicators supporting the bears. On the other hand, only five of the indicators support the bulls showing a low bullish presence. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour NEAR Protocol price analysis also shares this sentiment and instead issues a sell signal with 14 indicators supporting the bears against only four supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining eight indicators remain neutral and do not issue any signals at press time.
What to expect from NEAR Protocol price analysis?
The NEAR Protocol price analysis shows that the NEAR Protocol market is currently in a bearish rally as the price action observed a breakdown from the $1.975 mark to the $1.400 price level. However, the bulls made some recovery and the price has risen back to the $1.420 mark.
Traders should expect NEAR to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. The price can be expected to move to $1.450 before moving down to the $1.350 mark.
