MEXCNEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
On June 26th, the Near Protocol (NEAR) price faced another reversal from the descending trendline of the falling channel pattern. The bear cycle represented in a series of consecutive red candles indicates aggressive selling in the market. Thus, the selling spear should bolster sellers to pierce the June bottom support of $3.
Key points:
- The NEAR chart shows a fake breakout from the 20-day EMA resistance.
- The daily-RSI slope trending higher indicates growth in bullish sentiment.
- The intraday trading volume in the NEAR protocol coin is $260.3 Million, indicating a 0.5% gain.
Source- Tradingview
The NEAR/USDT technical chart represents its current downward approach following a falling parallel channel pattern. The last bull cycle within this pattern surged the altcoin by 45%, hitting dynamic resistance.
However, in response to the current sell-off, the NEAR price revered from the resistance trendline, indicating the continuation of the prevailing downtrend. Over the past five, the bearish reversal has tumbled price by 21%, which currently trades at $3.46.
Furthermore, the technical set-up should encourage sellers to breach the June bottom support of $3. therefore, the expected downfall could slump the NEAR price by another 28.5%, hitting the $2 psychological level.
Anyhow, it is important to note that the falling channel pattern is a bullish reversal pattern that eventually leads to an overhead trendline breakout, providing a recovery opportunity. Thus, the potential rally may shoot the coin price to $7.5 resistance.
Technical indicator
RSI indicator: Contrary to the falling price, the upswing in the RSI indicator indicates weakness in bearish momentum. This divergence supports the breakout theory for pattern completion.
Bollinger Bands indicator: The coin price showcased a failed attempt by coin buyers to sustain above the indicator’s midline, suggesting the sellers still command the overall trend.
- Resistance levels- $4.2 and $4.7
- Support levels- $3 and $2
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