NEAR prices action struggles to take an upside turnaround as it retests the bullish breakout of the falling channel pattern. Key technical points:
- The market price has increased by 3.43% over the past 24 hours.
- The price action shows lower price rejection candles forming at the broken resistance trendline.
- The 24-hour trading volume of Near Protocol is $241 Million, indicating a rise of 6.94%.
Past Performance of NEAR
NEAR price action shows a bullish reversal from the $3 mark resulting in the falling channel breakout to reach $4.15. However, the bears retake trend control with a tweezer top formation resulting in a drop to the broken resistance trendline at $3.30. The retest rally struggles to regain the bullish momentum to showcase a post-retest reversal from the resistance trendline.
NEAR Technical Analysis
The NEAR daily candles showcase lower price rejection with tail formation over the past two days teasing the possibility of a morning star pattern. Hence, traders can expect the price to reverse sharply with a jump above the $3.5 mark. The MACD and the signal lines struggle to keep a bullish trend as they approach the zero line, as the shrinking spread suggests a bearish crossover. Thus, the indicator reveals an underlying decline in the bullish sentiments. The RSI indicator displays a recovery in the buying pressure as the slope rises from the 14-day SMA after dropping below the halfway line. Therefore, the indicator adopts an optimistic view and suggests a higher likelihood of a post-retest reversal. In a nutshell, the NEAR technical analysis shows a stronger bearish side but the gradual increase in the buying pressure teases a reversal.
If the buying pressure increases overnight, NEAR prices will successfully form a morning star pattern, leading to a price jump above $3.50. Traders can expect the breakout rally to surpass $4 to test the 50-day SMA at $4.75. Resistance Levels: $3.5 and $4 Support Levels: $3 and $2.58