MEXCNEAR Price Analysis: Trendline Breakout Sets NEAR Price To Rise 32%
The Near protocol(NEAR) price downtrend slowed down near the $6 mark and yet reached a low of $4.6 on May 27th. However, the downsloping trendline carrying this downfall experienced a decisive breakout today, indicating a recovery opportunity for traders. The coin price currently trades at the $6 mark, with an intraday gain of 4.18%.
Key points
- The NEAR chart shows a bearish crossover between100-and-200-day EMA
- The NEAR price breakout two-week long descending trendline
- The intraday trading volume in the NEAR is $935.5 Billion, indicating a 109.8% hike.
Source- Tradingview
The Near Protocol(NEAR) price has witnessed a significant downfall in the past five weeks, which sank it to a low of $4.6. Concerning the last swing high resistance of $17.6, the downfall devalued the altcoin by 73.2%.
Amid the recent uncertainty spread over the crypto market, the NEAR price gradually lowered using a descending trendline. However, the coin price bounced back from the $4.6 low encouraged buyers to breach the overhead trendline.
The four consecutive green candles on the daily chart with increasing volume activity for every successive candle indicate high momentum recovery. Expecting a successful breakout and retest, the long traders would get their first target 32% higher at $7.2.
However, under a strong bullish scenario, the coin price should breach the $7.2 resistance.
Conversely, if coin buyers failed to surpass the $7.2 resistance, the altcoin could consolidate between the mentioned resistance and $4.6 for a few sessions.
Technical indicator
For the last two weeks of lower low formation in price action, the RSI slope has maintained a stiff bottom near 26%. This bullish divergence indicates growth in underlying bullish momentum.
The fast-moving 20-day EMA caught up with the Near Protocol coin may assist sellers in undermining the descending trendline breakout. Moreover, a bearish crossover between the 100-and-200-day EMA bolsters the same cause.
- Resistance levels- $6.3, $7.2
- Support levels- $4.7 and $3.5
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