- The NEAR Protocol price has lost around 30% in less than 2 weeks.
- Buyers have lost momentum, and sellers have been in control for the past few months.
As per the technical chart, the NEAR Protocol (NEAR) price has performed negatively for the past few months. Since March, the price has fallen in lower lows and lower highs formats. It has declined below the crucial level of $4.40 and indicates a bearish sign.
NEAR crypto was treated at $3.84 at press time and dropped by 1.12% in the past 24 hours. The 24-hour trading volume was $12.20 Million.
Technical Analysis of NEAR Protocol Price Over 1-D Timeframe
The NEAR price has faced resistance from the 200-day EMA and has shown weakness in the lower-low territory. The price has dropped to the crucial support level of $3.70, and buyers are showing involvement.
The price was at the major support level, and buyers might show interest. The RSI has also favored the bullish forecast by forming a bullish divergence. So, the NEAR Protocol price may gain bullish momentum.
Assuming the NEAR crypto price smashes the key moving averages, it would be a buying opportunity. Suppose the chart structure attracts investors; strong buying momentum can be initiated. During the bullish momentum, buyers may be eyeing a new all-time high.
Alternatively, the price has been in a bearish trend, indicating that sellers are strong. It might be difficult for the buyers to beat them. Most traders prefer to sell instead of expecting a reversal. The NEAR price prediction suggests a bearish forecast based on the recent trend.
Sellers might get confident if the crypto asset price slips below the $2 mark. The price has departed from the lower high territory and covered half of the path. One more bearish spark may attract sellers for a new lower low.
Let’s Explore Technical Indicators
The NEAR Protocol price traded below the key moving averages, showcasing the bearish forecast. The RSI has generated a death crossover with the RSI-based moving average.
Also, the MACD has triggered a bearish crossover, and the histograms have converted to red. This could be a bearish signal.
Is NEAR Price Preparing for Bounce Back?
AMCrypto (@AMCryptoAlex) has tweeted that the NEAR crypto price has dropped to the demand zone. The price has bounced back from the $7.75 mark for the past few weeks and reached the same level.
$NEAR is now back to its support level
— AMCrypto (@AMCryptoAlex) September 2, 2024
Expecting a bounce back and breakout in the coming weeks pic.twitter.com/9HJGd06ksp
In a 4-H time frame, the price was wandering in the demand zone. A bounceback is expected based on the historical chart. Bullish momentum at this level might invite buyers for strong bullish momentum.
NEAR Price Summary in Terms of Technical Chart
Based on the technical analysis and indicators, the NEAR Protocol price has shown signs of weakness and a bearish trend. However, a potential bounce back from the demand zone is possible.
This bullish spark could attract buyers for bullish momentum. During bullish momentum, 200-day EMA could play a vital role in the further momentum.
Technical Levels
The bullish momentum in the NEAR crypto could be interrupted near the $5.00 and $6.50 levels. The price is expected to take support at the $3.75 and $2.60 marks.
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.
