NewsletterCan This 8% Reversal From $3.7 level Encourage NEAR Price recovery?
The Near Protocol (NEAR) price shows an 8% jump from $3.75, putting a break in the prevailing downtrend and increasing the chance of a trend reversal. However, higher price rejection in the daily candle limits the bullish possibility and warns of a price fall. So, which levels will be critical to determine the upcoming trend?
Key points from NEAR analysis:
- The NEAR chart shows a V-top reversal from the $6 mark
- High wick rejection attached to daily candle shows supply pres
- The intraday trading volume in the NEAR is $691.5 Million, indicating a 49% gain.
Source- Tradingview
Over the past three weeks, the NEAR price plunged by 33.6.% after facing extreme supply inflow at the overhead resistance of $6. The correction phase breaks under $4.3 and tests the buyers at the crucial demand zone of $3.75.
Additionally, The bearish trend at a breakneck speed found the support of increased trading volume and broke below the 20-day EMA.
Currently, the NEAR token trades at $4 after an overnight bullish reversal from the aforementioned support but the higher price rejection in the daily candle warns of a price dump this week.
However, the token price must show sustainability above the flipped resistance of the $3.75 mark to increase the probability of a jump of 9.3% to $4.3.
Conversely, a price dump below the bottom support of $3.75 will nullify the bullish thesis and lead to a price fall to $3.
Technical indicator
DMI indicator: the bullish reversal in NEAR prices results in a reversal in the Di lines, increasing the crossover possibility. However, the falling ADX line reflects a weak trend momentum.
MACD indicator: the declining trend in the bearish MACD histograms teases a bullish crossover in the fast and slow lines. Hence, the technical indicators suggest a possibility of a prolonged uptrend.
EMAs: the downsloping and 20-and-100-day EMA indicate both long-term and short-term trends in bearish. Moreover, the 20-day EMA offers dynamic resistance to coin price
- Resistance levels- $4.3 and $4.7
- Support levels- $3.7 and $3
- Breaking: CFTC Greenlights Spot Crypto Trading on Regulated U.S. Exchanges
- TradFi Attack On Crypto? Ken Griffin’s Citadel Asks SEC to Tighten Rules on DeFi Protocols
- U.S. Weekly Jobless Claims Fall to 3-Year Low Ahead of FOMC Meeting
- S&P Welcomes WhiteBIT’s Native Coin Across Five Key Crypto Indices
- Hyperliquid Rival Aster DEX Targets Early 2026 For Layer 1 Launch
- Pi Network Price Shows Signs of Recovery as Unlock Rate Cools
- Bitcoin Price Could Break $100k as Odds of 3 Rate Cuts Hit ATH
- XRP Price Prediction as ETF Buyers Add $50.27M to Holdings
- Ethereum Price Reclaims $3,200 as Shark Wallets Accelerate Accumulation
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
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
