- The NEAR token price is trading at the supply zone on a daily time frame.
- The NEAR token price is forming a reversal chart pattern on a daily time frame.
- The pair of NEAR/BTC is trading at the price level of 0.00020 with an increase of 2.12% in the past 24 hours.
On a daily time frame, the price action for the NEAR token is bearish. The token price was subjected to the heat of the cryptocurrency market as it failed to break out of the supply zone, returning to the long-term demand zone. Daily, the NEAR token price is currently consolidating in a small range. In the short term, the token price is forming lower low and lower high formations. The recent rebound of the demand zone resulted in a pullback of the larger bullish rally, as the token price from. The price of the NEAR token is currently trading below the 50 and 100 Moving Averages. The NEAR token price broke through the significant Moving Averages siding in. During the sell-off last week, the price of the NEAR token violated the significant Moving Averages barrier. As the token price rises, these MAs may be observed being rejected. After failing to surpass the top band, the price of the NEAR token is currently trading at the lower band of the Bollinger band indicator. The token price is now below the 14 SMA as well. Volumes have surged as a result of token price increases.
The NEAR token price is forming a falling wedge pattern on a daily time frame
Supertrend: The NEAR token price has dropped significantly over the previous week as a result of the general cryptocurrency market’s gloomy mood. As a result, the price of the NEAR token has moved into the area of long-term demand. The super trend by line was broken as a result of recent declines in the price of NEAR tokens. The super trend buys line served as a high-demand zone in the past. The super trend buy line broke down with a potently bearish candlestick pattern. The super trend indicator has currently generated a sell signal. The super trend sell line may strongly reject the upward movement of the token price.
Relative Strength Index: As the token dipped into the demand zone, the RSI curve is trading for 45.87. The 20 SMA has been crossed by the RSI curve at this time. In 4 hours, the token is forming lower low and lower high formations because it is bearish in the longer time frame. If the recent gains are maintained and the supply zone is broken, the NEAR token price may move, and if it does, the RSI curve may move even higher up to support the trend, crossing the halfway point of 50.
Average Directional Movement Index: Over the past few days, the ADX curve has been dropping. This has happened since the token price was unable to rise over the supply level. The ADX curve is currently trading at 24.45. As a result of recent bearishness, the ADX curve has moved below the 25 Mark. The ADX curb can be observed weakening and falling further if the token price fails to recover from the demand zone.
CONCLUSION: A bullish chart pattern is developing as the price of the NEAR token trades in the demand zone. Technical indicators indicate that the price of the token may continue to rise if it breaks the supply zone. Even though the token price has created a bullish candlestick pattern at the demand zone, it is still uncertain whether the bulls will overpower bears or bears keep the power.
SUPPORT: $3.7 and $3.76
RESISTANCE:$4.1 and $4.5