Last week the Near Protocol(NEAR) price witnessed a strong sell-off displayed by seven consecutive daily-red candles. Concerning the high of $17.6 resistance, the correction rally accounted for a 28.3% fall as it breached the $15 and $13.3 support. Can sellers sustain their momentum to reach $11.8 support?
Key points:
- The dynamics of 20-day EMA support flipped to a viable resistance
- The NEAR price presents a decisive breakdown from $13.3
- The intraday trading volume in the NEAR is $1.13 Billion, indicating a 3.69% LOSS.
Source- Tradingview
Amid the recent sell-off, the NEAR buyers were struggling hard to sustain above the $15 support level. However, the evident RSI bearish divergence indicated the losing bullish momentum, which eventually breached the bottom support level.
On April 24th, the NEAR price pierced the $15 support, releasing the accumulated selling momentum. As a result, the aggressive selling tumbled the altcoin by 15% as it sliced through another support of 0.5 Fibonacci retracement level($13.3).
Today, the NEAR price is up by 2% and retests the breached support level. If the altcoin sustains below the $13.3 mark, the sellers will continue to lower the price, bringing it to $11.8.
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However, the correction rally could stall at $11.8 support, as the shared support of 0.618 FIB and 200-day EMA may assist buyers in mounting a strong defense.
Technical indicator
The current correction has breached the 20, 50, and recently the 100-day EMA support. As sellers continue to pressurize the coin, the altcoin would soon hit the 200-day EMA support. Moreover, the 20-day EMA give dynamic resistance to NEAR price
The expanding gap between the MACD and signal shows strong selling in the market. In addition, these lines are about to nosedive below the neutral line, providing an additional edge to short sellers.
- Resistance levels- $15, $17.6
- Support levels-$, $11.8 and $10
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