- The Near Protocol price is up by 23% in the last three days.
- Near coin price has overtaken the 20-day EMA and extended to a trendline.
The Near Protocol price has been bullish since November and has gained 400%. The NEAR price has been uprising by taking pullbacks, reaching a 52-week high of $9.01 on March 15, 2024. The chart shows that the Near coin price has troubled near the $9 mark and witnessed profit booking.
For the last few weeks, the price has been plummeting by facing resistance from a trendline. In mid-April, the NEAR price showed weakness and melted to the $5 level. Recently, the price has bounced back from this level and approached the falling trendline.
Regarding technical indicators, the Near coin price trades over the significant moving averages, indicating the buyers’ grip. A bullish crossover has been generated between the RSI and RSI-based moving averages.
Near Price at Resistance Level: Will Bulls Lead the Trend?
Near Protocol price is trading at $6.85, which has increased by 6.35% in the last 24 hours. The circulating supply is 1,064,652,368 NEAR & the total supply is 1,187,158,105 NEAR. The market capitalization is $7.29 billion, and the fully diluted market cap is $8.13 billion.
The Near coin price has surpassed the 20-day EMA and reached the trendline. Suppose the price spends some time near the trendline and triggers a breakout; buyers may soon lift the price to the $10 mark.
On the other hand, if the Near price faces resistance from the trendline and slips below the 20-day EMA, the price may continue the recent trend. Most investors may prefer to book profit if the NEAR price fails to defend the $5 level, leading to a selling pressure.
According to the technical indicators, the MACD suggests that the histogram has converted to green, and a bullish crossover has been generated between the signal and MACD. Based on the Bollinger band, the price has taken support from the lower band, surpassing the basis, and may extend to the upper band. Overall, the technical indicators are favoring the bullish momentum.
Performance
Near Protocol price is up by 20.93% in a week and 6.5% in a month. It showed an outstanding performance in 3 and 6 months, up by 161% and 507% respectively.
Volume has Dropped by 70% in a Week; What’s Impact on Price?
The data suggests that the trading volume dropped from $1.40 billion to $400 million weekly, but the NEAR crypto price has remained unchanged. According to the trading volume, the price may witness selling pressure in the next few days.
Technical Analysis
The Oscillators suggest the buying signal. As we can see, two indicators favor the buying signal, nine are neutral, and 0 favors the selling signal. According to the moving averages, the 14 indicators favor the buying signal, one neutral signal, and 0 selling signal. Overall, the moving averages are showing a strong buying signal.
Conclusion
Based on the technical indicators and recent price movements, Near Protocol is bullish and may continue to rise shortly. If the price breaks above the trendline, it may reach the $10 mark soon. However, if the price faces resistance and falls below the 20-day EMA, it may continue the recent trend and witness selling pressure from investors. The drop in trading volume may also impact the price in the coming days.
Technical Levels
Resistance: $7.75 & $9.00
Resistance: $5.20 & $2.60
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.