NEAR Price Prediction: Concentrated Resistance at $14 May Stall NEAR Recovery

Brian Bollinger
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
NEAR Foundation Trims 40% Workforce Amid Staggering Advancements

The dome-shaped reversal from the $17.8 resistance tumbled the Near Protocol(NEAR) price by $41.5%, bringing it to the 0.789 Fibonacci retracement level. The buyers showed strong interest in this discounted price, resulting in a 13% price jump on May 1st. However, the buyers may struggle to surpass the multiply resistance levels aligned at the $14 mark.

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Key points: 

  • The NEAR price lost 43.7% within a fortnight
  • The NEAR price regain the 200-day EMA
  • The intraday trading volume in the NEAR is $1.78 Billion, indicating a 44% hike.

NEAR CHARTSource- Tradingview

The Near Protocol(NEAR) has witnessed a significant correction in the past two weeks, which plunged the coin to 0.786 FIB level($10). The altcoin turned down from the $18 resistance and breached some important supports such as $15, $13.5, and $11.2, registering a 43.7% fall. 

However, the NEAR price experienced a significant inflow today and rebounded from $10 support. The bullish engulfing candle reflected a 13% price jump and retested the shared flipped resistance of $12 and 200-day EMA.

If sellers sustain the NEAR price below the $12 mark, the altcoin may retest the $10 support and even try to drop below it.

However, daily closing above the $12 resistance would drive the NEAR price to a confluence of technical resistance at $14. This resistance level consists of 0.5 FIB level, 50-day EMA and 100-day EMA, mounting a strong barrier against buyers.

Therefore, surpassing the $14 resistance will require strong bullish momentum.

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Technical indicator

The recent correction has breached the EMA support of 20, 50, 100, and recently 200-day. However, the buyers have reclaimed the 200-day EMA with a sudden price jump, bolstering the recovery rally to hit the $14 mark. 

The daily-RSI slope barely tagged the oversold region on April 30th and reverted immediately. The RSI value currently at 38% reflects a negative sentiment among traders.

  • Resistance levels- $13.5, $15.1
  • Support levels-$, $10 and $8.2
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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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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