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