Here’s Why NEAR Protocol Coin May Witness 16% Drop In Coming Week
Under the influence of the rounding bottom pattern, the Near protocol coin witnessed a parabolic recovery which pushed its prices to the $2.83 barrier. Though this pattern set the NEAR price for a prolonged recovery, the coin is poised for a temporary pullback to stabilize aggressive buying. Should you enter this dip?
Key points:
- A possible pullback in NEAR coin may tumble its prices by 16%
- A lower price rejection candle at a 100-day slope validates this indicator as significant support.
- The intraday trading volume in the NEAR price is $322.5 Million, indicating a 327% gain.
Source- Tradingview
Following the recent recovery trend in the crypto market, the near protocol price action displays a similar recovery rally with a bullish breakout from long coming resistance trendline. The recovery trend accounts for a price jump of 82.5% in the last two weeks.
Furthermore, the steady growth in volume activity projects the buyer’s commitment to chase higher levels. However, the NEAR price shows 2.6% at the overhead resistance of $2.38.
Hence, the price action forecasts a peak formation at the overhead resistance of $2.38.
Also Read: Top 10 DeFi Lending Platforms In 2023
In case of a peak formation, a compression phase will retest the breached horizontal resistance of $1.84. This can be a sweet spot for NEAR holders to increase their portfolios or entry opportunities for sidelined buyers.
On a positive note, the uptrend forms a rounding bottom pattern with an overhead resistance of $3.4. Therefore, if the uptrend sustains momentum, a bull run to $3.4 is possible with a breakout of $2.38.
Technical Indicator
Relative Strength Indicator: the daily RSI slope reverted from the overbought region, indicating the price action is trying to stabilize the excess buying in the market. Thus, the falling RSI may encourage the potential pullback mentioned above.
EMAs: the rising NEAR coin price has breached the 20-50-and-100-day EMA slope. Each of these may offer a significant support level in case of price reversal.
Near Protocol Coin Intraday Price Levels
- Spot price: $2.19
- Trend: Bearish
- Volatility: Medium
- Resistance level- $2.38 and $2.78
- Support level- $1.8 and $1.5
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- Bitget Joins UNICEF Game Jam To Train 300,000 Youths In Blockchain
- Crypto Market Rally: BTC, BNB, SOL, XRP, ETH Surge Amid Q4 Momentum
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
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.
