NEAR Technical Analysis: Price Below the First Fibonacci Pivot Resistance Level of $5.77

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Near Protocol is an open-source blockchain protocol that facilitates the development of innovative decentralized apps. High speed, cost-efficiency, and high scalability are the standout features of this network. This network also leverages existing financial components to build new digital assets. NEAR is the native token of this ecosystem. The following NEAR technical analysis will predict the price trends for the next two days:

Past Performance

On May 7, 2021, NEAR opened at $5.20. On May 13, 2021, NEAR closed at $5.48. Thus, in the past week, the NEAR price has surged by roughly 5%. In the last 24 hours, NEAR has traded between $5.45-$5.88.

Day-Ahead and Tomorrow

Currently, NEAR is trading at $5.80. The price has increased from the day’s opening price of $5.48. Thus, the market seems to be bullish.

The MACD and signal lines have just turned 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 start declining.Currently, the RSI indicator is at 47%. It faced rejection at 37% and rose to the current level. Hence, buying pressures are gradually mounting. When we look at both the MACD and RSI indicators together, we can say that a price pullback is likely soon. Thereafter, the price may start rising again.Besides, the OBV indicator is upward sloping implying that buying volumes are higher than selling volumes. Hence, the OBV indicator is giving further credence to the bullish signals given by the RSI oscillator.NEAR Technical AnalysisAt present, the price has fallen below the first Fibonacci pivot resistance level of $5.77. It may also fall below the Fibonacci pivot point of $5.60 soon. Thereafter, we have to wait and watch to see if the price resumes its upward journey.The price has tested and fallen below the 23.6% FIB retracement level of $5.77. If the price retests and breaks out of this level in some time, then probably the bulls have regained strength. In that case, we can expect the price uptrend to continue tomorrow as well.

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