Table of contents
NEAR coin price fails to rise above $12, leading to a long-wick bearish candle touching the 50-day EMA. Will the reversal reach $10?
Key technical points:
NEAR coin price takes support at 50-day EMA.The Stochastic RSI gives an untimely bullish crossover.The 24-hour trading volume in the Near protocol is $1.13 Billion, marking a 152% rise.
Past Performance of NEAR
NEAR coin prices display yet another failure to rise above the $12 resistance level and possibly generate a new resistance trendline in action. Further rejections from this trendline will increase its credibility. The falling prices support the 50-day EMA as the sellers undermine the 20% growth from the 200-day EMA.
NEAR Technical Analysis
NEAR coin prices form a bullish engulfing candlestick, but the higher price rejection led to a bearish candle sabotaging overnight recovery. However, a reversal from the 50-day EMA and a closing above $12 will put the uptrend back on track.
The crucial daily EMAs maintain a sideways trend as the 50-day EMA carries a psychological barrier for the bears. However, the breakout of the 50-day EMA will result in a price decline to the 200-day EMA.
RSI Indicator: The RSI slope shows a rejection from the 60% mark that remains a crucial horizontal level. However, the RSI slope maintains the uptrend, with the 14-day average rising to reach the 50% mark.
Stochastic RSI Indicator: The falling K and D lines after the crossover in the overbought zone put an early end to the bear cycle with a bullish crossover as the lines take a sharp reversal.
In short, NEAR technical analysis gives a neutral vibe and waits for the price action to provide an extra edge.
NEAR coin price will generate a buying signal if it closes above $12, resulting in a rally to $15. However, the fallout of the 50-day EMA, which seems more likely as per price action, will drive the prices lower to $10.
Support Levels: $10 and $8.5
Resistance Levels: $12 and $15