- NEAR token is facing resistance on 20-day EMA.
- Bulls are willing to register breakout soon.
NEAR Protocol token price was sailing near the support mark of $1.50 and upheld the lower trendline. Moreover, the bulls labored to preserve the gains but grew in confronting the correction phase. However, the buyers resume accumulating the token from the last session and executing neutral dents.
Furthermore, the bullish candle formed in the last trading session shows the muscles of bulls, which reveals the intent of bulls to conquer the conflict and try to evade the 20-day EMA.
Moreover, the Near token has ended the correction phase and now forms to recuperate the gains by extending the muscles. However, the sellers were positioned near the supply mark of $2.00.
The price action shows buyers are gaining traction from last week, and the ongoing trend shows a trajectory supply mark of $2.00, which will be retested in the upcoming months.
However, the chart shows a bullish pennant pattern, resulting in a trap for the buyers because as the price breaks the pattern’s neckline, the token does not endure longer and again fails at the bottom, which gets buyers trapped.
When writing, Near protocol trades at $1.61 with an intraday gain of 1.92% showing bullish indications. Moreover, the pair of NEAR/BTC is at 0.000059 BTC, and the intraday trading volume was increased by 3.00% to $62.05 million. The day high of NEAR is $1.629, and the day low is $1.589. The market cap of NEAR is $980.99 Million.
Daily Charts of NEAR Protocol
On the daily charts, the NEAR token is ready to leave the 20-day mark and to look to rescue the gains. Furthermore, the token was beneath the pointers of sellers from the past sessions, but now switching hands was noted, and buyers pulled the token toward the higher marks.
The FIb level indicates that the token was supported on the 23.6% level and held above the level. From now, it again jumped to the higher tops near $1.50.
What Traditional Indicators Say?
On the 4 hours chart, the NEAR price attempts to leave the congestion zone and is willing to retest the 50-day EMA near $1.50.
The RSI curve is floating above the neutral zones near 60, which shows fresh buying initiated from the last session. Moreover, a positive outlook was shown on the charts.
The MACD indicator showed a bullish crossover and began to conspire green bars on the histogram showing buying momentum was extended and bulls were pretending to be strong.
Conclusion:
NEAR protocol tried to escape above the 20-day EMA, suggesting buyers are trying to regain the momentum.
Technical levels;
Support Levels: $1.30
Resistance Levels:$1.90
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.