- The NEAR price has surged by 55% in the past 2 weeks.
- Golden crossover has been generated in the key moving averages.
Since mid-March, the NEAR price has struggled to exceed the $7.70 mark. The price surpassed this crucial level in mid-May but failed to hold longer. After reentering this hurdle, the price reached the $7.70 mark.
During retesting, the Near Protocol price formed a ‘bearish engulfing’ candlestick pattern. The ‘bearish engulfing’ candlestick resulted in a loss of 38% in one go.
On the flip side, the NEAR price chart has displayed that sellers have tried thrice to drag the price below $4.50. However, buying pressure has been experienced at this level and lifted the price ahead.
At the time of writing, NEAR was being traded at $6.31 with an intraday fall of 1.82%. The market capitalization was $6.96 Billion, and the 24-hour trading volume was $266.76 Million at press time.
One More Bull Run After Breakout?
A source on X claims that strong bullish momentum can be anticipated if the Near Protocol crypto price surpasses the $7.5 hurdle in a weekly time frame. The correction phase has been completed, which is a bullish sign.
$NEAR Price Update
— AMCrypto (@AMCryptoAlex) July 20, 2024
– 1st leg up ✅
– 1st correction ✅
– 2nd leg up ⏳
Once NEAR broke above $7.5, the parabolic run would start. pic.twitter.com/yaze1Q67QU
Near Protocol Price Technical Analysis on 4-H Timeframe
In a 4-H time frame, the NEAR price has displayed strong buying pressure. It has moved 55% in one go and has triggered a pullback over the $6 mark. The price has managed to defend the 20-day EMA and has risen by 6% in a few hours.
COINBASE: NEAR/USD 4-H Chart | Source: TradingView
If the buyers show confidence in the pullback, the price might continue to rise. Alternatively, profit booking can be seen if the digital asset price faces resistance from the last swing high.
NEAR Price Technical Overview
On a daily time frame, the Near Protocol crypto price has been declining slightly through a channel. The price has failed to reach the last swing high, and buyers are struggling to reach the trendline.
Suppose the Near price triggers a breakout from the channel with rising trading volume, buyers may dominate further. Assuming the crypto asset price overcomes the $10 hurdle, it may tempt buyers for a new all-time high.
On the other hand, if the price slips below the channel, strong selling pressure can be observed. The price below the $4 mark may result in profit booking, leading to a bearish trend.
According to the technical indicators, the Near Protocol crypto price has exceeded the key moving averages. A golden crossover has been generated between the key moving averages. RSI has developed a bullish divergence, which might be a sign of a bullish momentum.
Will the NEAR price keep surging or will profit booking be awaited?
Monitoring the NEAR Protocol price closely in the coming weeks is essential. A breakout above the $7.5 barrier could trigger a strong bullish momentum.
However, if the price fails to sustain its current levels, it may experience a bearish trend. Keeping a close eye on both the price movements and trading volumes will be crucial in making informed decisions regarding the NEAR Protocol.
Technical Levels
The immediate resistance level for NEAR crypto might be $6.85 and $8.25 levels. The price may take support at $4.50 and $3.15 mark.
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.
Rajat is an MBA graduate specialized in finance who is a motivated self-starter, highly organized, and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. His primary focus is on cryptocurrency price analysis and industry news coverage.
