NEAR Technical Analysis: Hovering at Lowest Support Levels, Breakout Possible

NEAR Protocol is a decentralized application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoSconsensus mechanism called Nightshade, which aims to offer scalability and stable fees.

NEAR is the native utility token that is used for:

  • Fees for processing transactions and storing data.
  • Running validator nodes on the network via staking NEAR tokens.
  • Used for governance votes to determine how network resources are allocated.

Let us see the technical analysis of NEAR.

Past Performance of NEAR

The token opened at $3.246 and touched a high of $3.486. The token has fallen from a high of $6.832 in May 2021 and has been steadily trading at $2.107 levels which has been the support level.

Source: https://www.tradingview.com/x/FPFMEuXF/

NEAR Technical Analysis

The Near Protocol provides tools for developers to easily build applications on the blockchain. They provide interfaces for Secure Financial Components, and Community Apps. It has been used for new use-cases and has clocked a capitalization of $3.9 billion.

The On-balance Volume is at 236.4 million at the medium end of the spectrum and has been increasing steadily. It has been showing a stable incremental movement. One can see a breakout in price happening at $3.71 levels which can take the price to $4.

This is supported by RSI which has dipped to 34% levels and is in the oversold region. This supports the OBV where the prices have been moving in the upwards region.

The MACD and trend line has been rising parallel upwards and away from this histogram. This has created a strong trend for stable prices rising upwards supporting the breakout.

Price Trends for the Day-Ahead and Tomorrow

The price is giving NEUTRAL to SELL indicators through its oscillators and indicators. This is because the highest prices right now are quite far off from the support levels of $7.685. This is one of the lowest phases of the token. However, one should lookout for the future potential if you are looking to get into the token. Hodlers can short sell it.

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