NEAR Price Prediction: Remains Pressured Below $18.0; Is Upside Over?

By Rekha chauhan
April 22, 2022 Updated April 22, 2022
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NEAR token

NEAR price extends the previous session’s fall and continues to trade lower. The price opened higher near $17.64 but failed to sustain the momentum. Further, the NEAR price was retraced to test the lows of $15.90. The sellers take the center stage that pulled the asset to the lower side.

  • NEAR price fell for the second consecutive session on Thursday.
  • The digital currency sustains above the strong support of $14.70 on the daily chart.
  • However, a rejection near $18.0 fuels the prospects of an upcoming range-bound session.

NEAR price enters into a consolidation

Source: Trading view

On the daily chart, the NEAR price rallied nearly 140% since the record lows made in February near $7.39. The ascending trend line from the mentioned lows acts as strong support for the bulls. A bullish reversal candle was made on Monday with the heavy buying volume, which supported the upward momentum.

However, the upside momentum faces rejection near the horizontal resistance level around $18.0. A renewed selling pressure could further drag the price to test the bullish slopping line at $14.65.

A break below the trend line would amplify the selling pressure toward the 50-day simple moving average (SMA) at $13.29.

While things look pessimistic for NEAR, a spike in the buying orders could reverse the prevailing trend. The price would jump back to recapture the previous day’s high of $17.81.

The Relative Strength Index (RSI) is trading near 52. The indicator gives a bearish divergence with the price indicating further fall.

The On-balance Volume (OBV) indicates the supply side pressure as the price is retraced. The volumes started declining on April 13.

As of press time, NEAR/USD reads at $15.64 with a loss of 5.34% for the day.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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