NEAR Technical Analysis: Bearish Market, Expect the Price Fall to Continue

Near is an open-source blockchain platform that facilitates the development of innovative decentralized apps. It allows users to leverage existing financial components to develop new service offerings. It is a fast, highly scalable, and cost-efficient model. NEAR is the native token of this ecosystem. NEAR technical analysis is as follows:

Past Performance

On April 16, 2021, NEAR started trading at $6.53. On April 22, 2021, NEAR closed at $4.79. Thus, in the past week, the price has declined by approximately 36%. In the last 24 hours, NEAR has traded between $4.02-$4.96.

NEAR Price Analysis

Day-Ahead and Tomorrow

Currently, NEAR is trading at $4.40. It has decreased from the day’s open price of $4.79. Thus, the market is bearish.

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. But, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect the price to drop further before the price starts rising.

Currently, the RSI indicator is at 47%. It faced rejection at 53% and fell thereafter. Thus, selling pressures are high. Hence, like the MACD oscillator, the RSI indicator is also pointing towards a further price fall.

The A/D indicator is also gradually declining. Thus, whale distributions are higher than whale accumulations. High distribution activity will push the price downwards. Hence, when we look at all the oscillators together, as of now the market is bearish, and we can expect the price fall to continue for a few hours.

NEAR Technical Analysis

As per technical analysis, presently, the price has fallen below the first Fibonacci pivot support level of $4.23. At some time, the price may fall below the subsequent support level of $4 and $3.65, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $4.38. It is soon likely to fall below the 23.6% FIB retracement level of $4.24. As of now, the bears seem strong, and we can expect the price downtrend to continue today as well as tomorrow.


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