- NEAR Protocol crypto price has jumped by 150% in the past four months.
- A bearish crossover between the RSI and RSI-based moving average is generated.
- NEAR Protocol price has witnessed intense selling pressure from the recent high for the past two days.
According to the technical chart, the NEAR Protocol (NEAR) price has performed positively and has surged by 223% since October. The price has been in a bullish trend, but the trend was interrupted near the $4.50 mark and has dropped by 28%.
However, the recent selloff may still be considered a pullback if the price defends the $3 level. NEAR Protocol crypto price is trading at $3.24, up by 0.25% in the last 24 hours.
RSI has generated a bearish crossover between RSI and the RSI-based moving average, which showcases a bearish trend. The NEAR crypto price has successfully defended the significant moving average till now, indicating the buyers’ presence.
NEAR Price Has Formed a Flag and Pole Pattern Over Daily Timeframe
Per the technical chart, the NEAR price has formed a flag and pole pattern, giving a breakout by surpassing the 50-day moving average. From the beginning of this month, the NEAR Protocol crypto price has shown bullish momentum but has faced resistance from the $3.60 level.
As we can see on the chart, the NEAR price has failed to sustain the $3.60 mark and is declining. If the price slips below the 20-day and 50-day moving average, it will melt to the 100-day moving average in a couple of days. However, if the price fails to defend the 100-day EMA, the selling will take the lead, and the price will melt to the strong support level of $2.
The technical chart shows the price is trying to defend the 50-day EMA as it has formed a hammer. If the price rises and surpasses the recent high, it may consider a pullback, and a buying momentum can be seen.
Technical Analysis of the NEAR Crypto Price on 4-H Timeframe
The NEAR Protocol crypto price has been consolidating between $3.00 and $3.50 for the past few days. As per the chart, the buyers are trying to defend the $3.10 mark, but it faces resistance from the 20-day moving average.
If the price fails to defend the $3.10 level and falls, then selling pressure can be initiated, and it may drop to the $2.70 level. On the other hand, if the NEAR crypto price manages to surpass the 50-day EMA and sustain the last swing high, the price may reach the 52-week high.
Conclusion
Based on the technical analysis of the NEAR Protocol crypto price, it seems the price is currently facing some selling pressure and has failed to sustain above the $3.60 mark. The recent selloff may still be considered a pullback if the price manages to defend the $3 level, but if it fails, the selling pressure may intensify, and the price could drop to the $2 support level.
Technical Levels
Resistance: $3.50 & $4.00
Support: $3.10 & $3.70
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.