NEAR Price Analysis: Prices to Revisit $3 Support Amid Market Correction
The Near protocol (NEAR) price has retested the $4.4 and $3 barriers twice, indicating a consolidation phase in the daily time frame chart. The current bear cycle within this range has sliced the midline support of $3.66 and opened a straight path to $3 support.
Key points:
- The NEAR price may drop another 16% before hitting the $3 bottom support
- The coin price trading below 20, 50, 100, and 200 daily EMA accentuates an overall downtrend
- The intraday trading volume in the NEAR is $324.1 Million, indicating a 17.6% gain.
Source- Tradingview
On July 13th, the NEAR/USDT pair rebounded from confluence support of $3 and breached the resistance trendline. Amid the recent recovery sentiment in the crypto market, the bull run surged the altcoin by 42.73% as it hit the $4.64-$4.34 resistance zone.
Furthermore, a long-wick rejection candle on July 22nd accentuated the presence of intense supply pressure. Moreover, with the 50-day EMA acting as an additional barrier at the same level, the NEAR price reverted with a bearish engulfing candle on July 25th.
The bear cycle plunged the NEAR price by 15.75% in the last two days and breached in-between aligned support of $3.87 and the 20-day EMA. Furthermore, the coin price currently trades at the $3.66 mark and may show a minor pullback to retest the breached support.
If the coin price shows sustainability below the $3.87 mark, the sellers pull the price 16% lower to the $3 bottom support.
However, the NEAR price has already rebounded twice from this $3 mark, validating it as a strong accumulation zone. Therefore, if the technical chart shows reversal signs at this support, the investors could grab Near protocol (NEAR) coins at a discounted price.
Technical indicator
RSI indicator: the daily RSI-slope nosedive below the 20-SMA and neutral line indicate the traders are losing confidence in this coin.
MACD indicator: the fast and slow line nearing a bearish crossover may soon project a sell signal. Moreover, if the selling pressure persists, these lines may plunge below the equilibrium offering an additional confirmation for bears.
- Resistance levels- $3.87 and $4.6
- Support levels- $3 and $2.53
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