NEAR Coin Price Analysis: Will the NEAR Coin Reach $1.60 Level?

• The NEAR Protocol (NEAR) coin price is trading near its all-time low at $0.859 level.
• The coin’s price faced strong resistance multiple times from the 20-day EMA on a daily time frame chart. 

The NEAR Protocol was launched on April 22, 2020. It is a blockchain-based decentralized application platform that serves as a collective, a foundation, and a development platform to power the future open web. 

NEAR Protocol Coin: Technical Analysis

The NEAR coin’s price has observed an increase of 2.67% in the last 24 hours. The current value of the coin is $1.11 with a 24-hour trading volume of $36,839,880, which shows an increase in the volume by 2.38% since the last trading session. This token’s current market capitalization stands at approximately $1,048,591,929. Besides, the coin has a circulation supply of 941,671,517 NEAR. 

Technical Analysis of the NEAR Coin

The NEAR Coin price is currently trading in a bearish trend. In the wider outlook of the chart, the price has slightly broken above the trendline. It made support at the $1.057 level on the trendline, which somehow prevented the price from falling down.

The price is currently trading between the ranges of $1.1525 and $1.0575 because of the low interest from both buyers and sellers. In the last two trading sessions, the price has formed a strong bullish candle at the $1.05 level, reflecting the buyers’ presence at that level.

If the NEAR coin price gives a breakout of $1.0575, the price may be seen rising toward the resistance at the $1.2582 level. However, for the continuation of the downtrend, it should close below $1.0006. Thus, the token price may fall to the $0.9097 level.

Technical Indicator On The NEAR Coin Chart

The price has faced resistance multiple times from the 20-day EMA. It is trading below 20, 50, 100, and 200-day EMAs. That indicates the bears are dominating the price. 

The relative strength index (RSI) trades at 45.45 below the 50-mark middle band, showing a bearish divergence. It indicates the buyers’ presence at this level.

Conclusion

In the wider outlook of the chart, the NEAR price is trading at $1.1076 near its all-time low zone. So, if the coin price gives a breakout of $1.0575 then, the price may be seen rising toward the resistance at the $1.2582 level. However, for the continuation of the downtrend, it should close below $1.0006 then it may fall to the $0.9097 level.

Technical Levels

• Resistance Levels: $1.1525 and $1.2582
• Support Levels: $1.0575 and $1.006

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 any other advice. Investing in or trading crypto assets comes with the risk of financial loss.