NEAR Technical Analysis: Sellers at $12 Stamp Out Bullish Resurgence

Table of contents

  1. Past Performance of NEAR
  2. NEAR Technical Analysis 
  3. Upcoming Trend

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.

TradingView Chart

Source-Tradingview

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. 

Upcoming Trend

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

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