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Basic Attention
Quantus
- Near Protocol Price recovered 31% from the recent swing low at $1.160.
- The NEAR Price defends $1.00 support and trading near to the 50 day EMA.
- The pair of NEAR/BTC is trading at 0.00004880.
NEAR Protocol Price has recovered 31% from the recent swing low and showing the initial signs of bullish trend reversal.
The bulls are trying to push the NEAR Price above the 50 day EMA to reverse the short term trend in upward direction.
If buyers succeed then recovery will continue for some more time. Well, the 200 day EMA is placed much higher from the current price which indicates that the positional trend is still in bear grip.
From the past few months, NEAR Price is continuously declining and erodes the majority portions of the previous gains. The downfall took halt near to the yearly lows and buyers are trying their best to rebound.
Recently, Near Protocol witnessed a massive spike in the buying volume but the impact is not visible in price. It indicates some genuine buyers are accumulating from the lower levels and expecting the price to continue the upward momentum.
NEAR Price attempted to break out of the $1.500 hurdle but faced rejection. However, prices might consolidate for some time before deciding the further direction.
Near Protocol Price is trading at $1.469 with an intraday decline of -1.14%. The 24 hour volume to market cap is 22.83%.
Will the recovery continue in the Near Protocol?
Near Protocol Price has not performed well in the past few months and traded with the bearish bias. Multiple time NEAR Prices have shown short term pull back but due to strong presence of sellers it got rejected. Well the Present pull back looks reliable and more powerful.
Till NEAR crypto price holds $1.00 support the probability of bounce back remains high. However, the prices will pick up momentum when buyers will be able to break out of the $1.800 hurdle.
On the other hand, if the NEAR Price faces rejection from the 50 day EMA then it is likely to test the yearly lows again. The technical analysis suggests, NEAR Price is in the initial phase of reversal and probability of continuing the recovery is high.
Will NEAR Price breakout of monthly high
NEAR Price is trading very close to the monthly high and buyers seem to be preparing for the breakout. If the overall market continues to perform well then it will positively impact the price of NEAR Protocol.
The MACD curve is rising upward and displays a positive crossover. It indicates the bullish momentum is likely to continue for some more time. The RSI at 57 sloping upward denotes bulls are returning back to track and more room for upside is open.
Conclusion
Near Protocol Price has shown a decent recovery from the lower levels. The recent up-move in NEAR Price looks sustainable and more upward momentum is possible.
The technical analysis suggests, NEAR Price is in the initial phase of trend reversal but the confirmation is still awaited.
Technical levels
Resistance levels: $2.000 and $2.400
Support levels: $1.134 and $1.000
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.
