NEAR Technical Analysis: Expect Price to Fall Below $5.28 and $5.18


The Near Protocol is a blockchain network that provides a robust infrastructure for technological innovation in the cryptocurrency space. It is a fast, secure, and highly scalable ecosystem that accelerates the pace of decentralized app development. NEAR is the prime governance token of this network. The following NEAR technical analysis predicts the price trends for the next two days:

Past Performance

On April 23, 2021, NEAR started trading at $4.79. On April 29, 2021, NEAR closed at $5.49. Thus, in the past week, the price has surged by approximately 15%. In the last 24 hours, NEAR has traded between $5.29-$5.55.

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Day-Ahead and Tomorrow

Currently, NEAR is trading at $5.33. The price has decreased from the day’s opening price of $5.49. Thus, the market seems to be downtick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to go down further.

Currently, the RSI indicator is at 36%. It faced rejection at 33% and rose to this level. However, selling pressures are still high. Thus, the RSI indicator is giving further credence to a bearish price trend.

The OBV indicator is steadily falling too. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the NEAR price. In a nutshell, all three oscillators have indicated a price decline.

NEAR Technical Analysis

As per technical analysis, currently, the price has fallen below the first Fibonacci pivot support level of $5.34. As the indicators have given negative signals, we can expect the price to fall below the subsequent support levels of $5.28 and $5.18, respectively, in some time.

The price has tested and fallen below the 23.6% FIB retracement level of $5.35. It may soon fall below the 23.6% FIB extension level of $5.23. As of now, the bears seem strong and the price downswing is expected to continue today and tomorrow.

 
 



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