The Near protocol(NEAR) price has been resonating in a definite range for the past three weeks. The increasing underlying bearishness in the coin teases the coin price may breach $15.2 support. However, a genuine breakout beyond the range limit will be the deciding factor.Key points:
- The daily-RSI chart displays an evident bearish divergence
- The intraday trading volume in the NEAR is $1.4 Billion, indicating a 40% hike.
Source- Tradingview
The NEAR/USDT pair witnessed a significant rally from end-March to early April, which pumped the price to $17.6. However, the uncertainty and recent sell-off in the crypto have prevented the buyers from surpassing the $17.6 resistance,
Furthermore, it’s worth noting that the NEAR price sustained above the $15.2 support amid the largest cryptocurrency, Bitcoin losing its $40000 support. Therefore, the coin price has been wavering between the $17.6 and $15.2 level for the past three weeks, forming a definite range.
On April 20th, the NEAR price turned down from the overhead resistance($17.36) and plunged back to $15.2 support, threatening a bearish breakdown. If the sellers break this bottom support, the altcoin will descend 12.8% towards the next significant support, $13.5.
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Having said that, until the breakdown is not achieved, the possibility of overhead resistance breakout remains intact. If buyers manage to breach the $17.6 resistance, the NEAR price will surge 17% to reach the All-Time High mark at $20.42.
Technical Indicator
A lower high formation for the ever retests the price gave at $17.6 reflects an evident RSI bearish divergence. This divergence suggests the traders are losing upside momentum, encouraging a $15.2 breakdown.
The NEAR buyers lost 20 DMA support to the recent reversal. However, a bullish sequence among crucial EMAs and the 50 and 100 DMA aligned with $13.5 support mounts a strong defense for buyers.
- Resistance levels- $17.6, $20.4
- Support levels-$15.2, $13.5-13.3
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