- The trading volume surged by 75% in the past 24 hours.
- The Near Protocol price has formed a significant candlestick pattern on the support level.
NEAR price has displayed buying pressure in a broader time frame, but sellers have dominated it for the past few weeks. The price has lost around 30% in a month and dropped to a major support level. It then rose 8% by raking support at the trendline.
During the bullish trend, the Near crypto price made two attempts to sustain the $8 hurdle, but profit booking occurred on a larger scale. When writing, the price was at the major support level and seemed to grab the liquidity below the 200-day EMA.
Near traded at $5.34 at press time and has remained neutral for the past 24 hours. Its market capitalization is $5.84 billion, and the 24-hour trading volume is $210.00 million. The circulating supply is 1,093,375,607 NEAR, and the fully diluted market cap is $6.40 Billion.
Near Protocol Price Generated a Morning Star Candlestick on Trendline
The Near crypto price has taken support twice at the trendline and formed a Morning Star Candlestick pattern, which is a bullish sign. After taking support at the trendline, the price has gained 8% in a few hours and extended to the 200-day EMA.
Buyers might show interest if the digital asset price advances to the 200-day EMA level and sustains. As per the chart, the NEAR crypto is bullish at the time of writing, so buyers may take the trend further.
Assuming the Near Protocol price starts trading over the $6 mark, it may gain bullish momentum. Suppose the trading volume supports the bullish momentum, the buyers may eye for the last swing high.
On the other hand, if the Near Protocol crypto price slips below the trendline, it would be a bearish sign. Most investors may prefer to book profit below the trendline, which may result in solid selling pressure, and the price may melt to the $2 mark in a few weeks.
Turning to the technical indicators, the RSI has generated a bullish crossover with the RSI-based moving average. It has recovered from the oversold zone and is showing a bullish forecast.
A Huge Surge After the Liquidity Grab?
$NEAR / $USD – Update
— Crypto Tony (@CryptoTony__) June 30, 2024
Looking for a sweep to take out the lows. We need liquidity to move and it is sat just below us pic.twitter.com/zmtJdr0eTK
According to a source on X, the Near Protocol price can surge massively after the liquidity grab. Most of the liquidity is near the $4 mark; buyers may show interest if the price approaches the $4 mark and forms any bullish candlestick. That may lead to a strong bullish momentum.
Conclusion
The Near price has shown signs of potential bullish momentum, especially after forming a Morning Star Candlestick pattern. It displayed buying pressure near the major support level at press time.
If the price manages to advance beyond the 200-day EMA and sustains, we may see increased buyer interest. The technical indicators, such as the RSI, also showed a bullish forecast. Additionally, keeping an eye on the $4 mark for any potential surge in liquidity and buyer interest will be crucial.
Technical Levels
According to the chart structure, the Near Protocol crypto price can take support at the $4.50 and $2.50 levels. The price may face resistance from the $6.00 and $8.20 levels.
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.