TA: Near Protocol Struggles To Break Out Despite Relief Bounce

Despite the relief bounce across the crypto market with the likes of BTC, ETH, and OP, surging high, Near Protocol has struggled to break out.

Near is one of the many blockchain solutions with good use cases trying to provide solutions to Ethereum scalability, bridging, and contributing to the DeFi space.

Near has struggled to break above its ranging channel despite being a favored coin in the crypto space.

NEAR Weekly Chart

After reaching its All time high (ATH) of $20.1 in January 2022, Near had struggled with its downtrend when the market became bearish, with major coins falling by 80%.

Near its ATH of $20.15, it has fallen by over 75% to a region of $3.0. As of writing, NEAR is trading at $4.2, close to a major resistance before it breaks to the upside.

NEAR Weekly Chart Analysis | Source: NEARUSDT On Tradingview.com

The weekly chart for NEAR shows it is facing major resistance of $4.73 after a reversal from the low of $3.0

Breaking out of this resistance would send the price of NEAR to a region of $6.4 – $7

Weekly resistance – $4.73

Weekly support – $3.0

ATH – $20.1

Daily Chart Analysis Of NEAR 
NEAR Price Analysis On The Daily Timeframe | Source: NEARUSDT On Tradingview.com

Major support level on the daily chart (1D) – $3, $1.8

Major resistance on the daily chart (1D) – $4.72

NEAR on the daily chart shows not much buying or selling activity, just in a range or channel that needs to be broken to the upside or downside.

The volume on the 1D  chart shows less buying and selling with the relative strength index (RSI) above the 50 mark area.

If the bulls can step in and push NEAR to the upside, then the range at which NEAR is trading will be broken, sending the price to $6.0

If the price of Near is broken to the downside by bears, $3 – $2.8 are acting as strong support that has held NEAR throughout the downtrend and can be seen as a major support area.

For investors applying a dollar cost average strategy, this could be a good accumulation level. Dollar Cost averaging is a strategy employed to buy crypto assets with a sum of money in bits over time or a strategy used to buy crypto assets at market levels as the assets make reversals.

NEAR Price On The 4H Chart
NEAR Price Analysis On The 4H Chart | Source: NEARUSDT On Tradingview.com

On the 4H chart, NEAR looks similar to the chart on the 1D timeframe, just ranging and trying to break above the resistance region. NEAR, in general, looks good based on a fundamental crypto market analysis.

With current market conditions, it will be worth accumulating for the bull run as it has so much potential for the upside.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Breaking: Bitcoin (BTC) Price Risks Falling Below $21,000, Here’s Why

The Bitcoin (BTC) price can fall below $21,000 as the bear hug tightens. The price recently touched a high of $25,135 and retraced to a low of $23,243. The downward price trend has formed a regular bearish divergence with a short-term target of falling to $21,000-$20,000. The Crypto Market Fear and Greed Index has tumbled

BTC, ETH, DOGE: Why Major Cryptos Are Trading In Red Today?

Today’s slump in the price of crypto giants including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) has left investors disappointed. At the press time, BTC was trading at $23,379.13, down by 4.05% over the last 24 hours. Meanwhile, the price of ETH and DOGE was spotted trading at $1,845.20 and $0.082021, a decline of 5.11%

Ether (ETH) Falls for Fourth Consecutive Day, Is Merge Mania Ending?

After a strong rally in the last 45 days since the beginning of July 2022, the crypto market has once again come under selling pressure. The broader crypto market has been retreating for the fourth consecutive day in a row, including the top two giants Bitcoin and Ethereum. As of press time, Ether (ETH) is

Fidelity Chief Explains Why Bitcoin (BTC) Is Cheap At Current Level

Over the last 45 days since July 2022 beginning, Bitcoin and the broader cryptocurrency market have given a strong run-up. As of now, Bitcoin is currently facing resistance at $24,000. Jurrien Timmer, Director of Global Macro at Fidelity believes that Bitcoin is currently “cheap” as per the BTC adoption curve thesis. Timmer explains that Bitcoin’s