- Near Protocol price fell 17% approx last previous week.
- Near Protocol price drops below the 50 day EMA showcase downtrend.
- Near Price witnessed profit booking and approaching demand zone.
Near Protocol price fell 17% on a previous week and formed a bearish pattern. Near price attempted to break the higher range of consolidation to expand upside but got rejected. It shows bears are active in the supply zone and $2.400 will act as immediate resistance in coming weeks.
Near price rejected the 200-day EMA and dropped below 50 day EMA showcasing a positional as well as short term trend which in downward direction. Near protocol price have not performed well in the past few months and traded in the wide range between $1.800 to $2.800. The next directional move will be visible after breakout of the range on either side.
Near Protocol price is trading at $1.955 with an intraday decline of -0.31%. The 24 hour volume to market cap ratio is 0.0422. The pair of NEAR/BTC is trading at 0.00006879 with an intraday decline of -0.74%. The chart structure of Near protocol with BTC pair is also in a downtrend and trading near to the yearly lows. It shows low correlation with the USDT pair.
At the beginning of March, Near crypto price broke down the important support level of $2.00 which hurted the sentiment of investors. It witnessed profit booking and corrected 40% approx from the swing high.
Will Near protocol price take U-turn from support?
Near Price downfall took halt at $1.673 and formed a bullish hammer candle. It showed a minor recovery and tried to regain the 50 day EMA to gain the confidence of investors. Near Protocol price consolidated for a few weeks and tried to break the higher range. Sadly it got rejected and again reverted in a downward direction. The overall market sentiment turned bearish which negatively impacted the prices of Altcoins and Near protocol is one of them.
Near protocol price is approaching the demand zone and $1.600 might act as important support for bullish traders. If the buyers succeed to defend $1.600 support then we may see rebound in the near protocol. However, if the price drops below $1.600 then it will surely raise concern for the long term investors.
NEAR price at monthly low
NEAR price formed a bearish engulfing candle on a weekly time frame and eroded the gains of the past five weeks. Presently, NEAR price at monthly low and if the sell off continues then bears might try to drag it down toward the 52 week low.
The technical indicators like MACD had generated a negative crossover but the curve is reversing sideways. It indicates bears lacking the downside momentum and prices may enter consolidation. The RSI at 43 sloping sideways denotes mild bullishness and prices may try to test the neutral territory.
Conclusion
NEAR protocol price fell 17% in the previous week and the short term trend has turned in a downward direction. However, the price is approaching the demand zone and the downfall might take halt. The technical analysis suggests, Till NEAR protocol price holds $1.600 support the probability of rebound is high.
Technical levels
Resistance levels : $2.414 and $2.851
Support levels : $1.673 and $1.224
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.