Near Protocol Price Analysis: NEAR Coin Displays A Double bottom Pattern In The Daily Time Frame Chart.

By Sunil Sharma
Published November 10, 2021 Updated November 13, 2021
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NEAR Price Analysis

Near Protocol Price Analysis: NEAR Coin Displays A Double bottom Pattern In The Daily Time Frame Chart.

By Sunil Sharma
Published November 10, 2021 Updated November 13, 2021

What’s Next for NEAR Price? The technical outlook for NEAR/USD states an overall uptrend. However, a better confirmation for the coin continuing its rally can be achieved if the price provides a proper breakout from the bullish pattern and rechallenge the ATH mark of $13.2

Major points to ponder: 

  • The Near coin price manages to sustain above the $10 mark
  • The 20-day EMA line is providing strong support to NEAR coin price
  • The intraday trading volume in the NEAR coin is $427.6 Million, indicating a 73.52% hike

TradingView Chart

Source- NEAR/USD chart by Tradingview

The NEAR coin showed a remarkable rally in October, where the price also managed to break out from the previous All-Time High resistance of around $11.5. Though the technical chart showed a massive green candle breaching this crucial resistance, with strong support in volume activity, the coin couldn’t sustain above this level for long, and by forming a bearish evening star candle, the price dropped below the $11.5 mark.

As for now, the NEAR coin rally sustains above $10, indicating a sufficient demand pressure from this level. Moreover, the coin price is trading above the crucial EMAs (20, 50, 100, and 200), projecting a strong bullish alignment in its chart.

The Relative Strength Index(RSI) line is moving above the neutral zone(50), indicating a bullish sentiment for the coin.

NEAR/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- NEAR/USD chart by Tradingview

As the NEAR price obtained strong support from the $10 mark, the technical chart also revealed a double bottom pattern, providing a great long opportunity for traders. The pattern has its neckline at $11.5, and a breakout from this level will trigger an entry signal for these traders.

Furthermore, the traditional pivot levels show a decent confluence with the chart levels, and according to it, the nearest resistance level for the price is $12.2, followed by $3 and the closest support is $11.3

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Disclaimer
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.
About Author
Sunil Sharma
294 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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