MEXCNEAR Price Analysis: Trendline Breakout Sets NEAR Price To Rise 32%
The Near protocol(NEAR) price downtrend slowed down near the $6 mark and yet reached a low of $4.6 on May 27th. However, the downsloping trendline carrying this downfall experienced a decisive breakout today, indicating a recovery opportunity for traders. The coin price currently trades at the $6 mark, with an intraday gain of 4.18%.
Key points
- The NEAR chart shows a bearish crossover between100-and-200-day EMA
- The NEAR price breakout two-week long descending trendline
- The intraday trading volume in the NEAR is $935.5 Billion, indicating a 109.8% hike.
Source- Tradingview
The Near Protocol(NEAR) price has witnessed a significant downfall in the past five weeks, which sank it to a low of $4.6. Concerning the last swing high resistance of $17.6, the downfall devalued the altcoin by 73.2%.
Amid the recent uncertainty spread over the crypto market, the NEAR price gradually lowered using a descending trendline. However, the coin price bounced back from the $4.6 low encouraged buyers to breach the overhead trendline.
The four consecutive green candles on the daily chart with increasing volume activity for every successive candle indicate high momentum recovery. Expecting a successful breakout and retest, the long traders would get their first target 32% higher at $7.2.
However, under a strong bullish scenario, the coin price should breach the $7.2 resistance.
Conversely, if coin buyers failed to surpass the $7.2 resistance, the altcoin could consolidate between the mentioned resistance and $4.6 for a few sessions.
Technical indicator
For the last two weeks of lower low formation in price action, the RSI slope has maintained a stiff bottom near 26%. This bullish divergence indicates growth in underlying bullish momentum.
The fast-moving 20-day EMA caught up with the Near Protocol coin may assist sellers in undermining the descending trendline breakout. Moreover, a bearish crossover between the 100-and-200-day EMA bolsters the same cause.
- Resistance levels- $6.3, $7.2
- Support levels- $4.7 and $3.5
- Solana Foundation Manager Vibhu Challenges Ripple Execs To Public “Facts-Only” XRP Debate
- Teucrium Files for Flare Network ETF as XRP Minting For FXRP Tops $120M
- Waller Signals December Fed Rate Cut Despite Powell’s “No More Cuts” Stance
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5,000 Price Odds to 34%
- Bitwise XRP ETF Moves Closer to Launch as Firm Submits Final S-1 Filing
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
