NewsletterHere’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
- Expert Projects $30M Volume for Franklin Templeton XRP ETF as Trading Begins Today
- Bitcoin Bounces as Jerome Powell Could Push for Another Fed Rate Cut: Barclays Research
- Dogecoin Set for Big Week as Grayscale DOGE ETF Launches Today
- Why Is The Crypto Market Up Today? Bitcoin, XRP Lead Recovery
- ‘Cardano Didn’t Go Down,’ Charles Hoskinson Pushes Back On Network FUD
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
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.
Premium Partners
