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NEAR Technical Analysis: Bad News For Near Protocol With This Fallout

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NEAR Technical Analysis: Bad News For Near Protocol With This Fallout

The NEAR technical analysis displays a triangle fallout in the daily chart, providing a selling opportunity at the current prices with the ongoing retest. The NEAR price action displays a bearish breakout rally of a symmetrical triangle pattern after an early reversal from the 100-day EMA. However, the lack of a surge in intraday trading volume lights a fakeout possibility, as buyers might push the prices back above the trendline. So should you sell or wait for the post-retest reversal?

Key Points:

  • The Near Protocol prices show a retest phase of the broken trendline. 
  • The post-retest reversal shows potential to reach the $3.5 mark.
  • The intraday trading volume in Near Protocol is $272 Million.

NEAR Technical Analysis: Bad News For Near Protocol With This Fallout

Source-Tradingview

NEAR Technical Analysis

The NEAR price displays an early bearish reversal within the triangle pattern, resulting in a symmetrical triangle breakout. The breakdown of the support trendline fails to unleash the trapped momentum as the prices reverse from $3.85 to retest the broken trendline. However, a bearish turnaround from the 100-day EMA also breaks the 50-day EMA and restarts the falling trend in the EMAs. Nonetheless, the growing bearish influence over the daily candle reflects a possible downtrend to the $3.5 mark. The post-retest downfall will depreciate the coin price by 26.5% and plunge it back to the June-July bottom support of $3. First, however, the sellers must break the $3.85 and $3.5 support levels, which remain potential bullish launchpads.  On a country note, if sellers cannot sustain prices below the breached trendline, the uptrend will re-enter the triangle and potentially reach the resistance at $4.72.

Technical Indicator

The RSI slope dives deeper into the bearish territory, indicating growth in selling momentum. Moreover, the MACD and signal lines plunged below the midline signals, aggressively selling in the market.  Therefore, the momentum indicators take a bearish side by reflecting an increase in selling pressure. As a result, the NEAR technical analysis offers a selling opportunity upon the $3.85 breakout.  Resistance levels- $4 and $4.72 Support levels-  $3.85 and $3.5


Source: ethereum.today

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