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•NEAR is currently priced at $11.64, up by 3.61% in the last 24 hours
•The trading volume has been found lagging with a substantial decrease being seen
•The coin looks poised for a surge as MACD and SMA show bullish momentum
SHORT TERM VIEW
The cryptocurrency market has seen a dull start to 2022 with cryptocurrencies’ prices falling left and right. After a positive couple of days, the market has been moving sideways as market players take a breather before volatility shoots through the roof again.
The NEAR Protocol price today is $11.64 USD with a 24-hour trading volume of $363,504,399 USD. NEAR Protocol is up 3.21% in the last 24 hours. The Trading Volume is down in the past 24 hours while the Volume to Market Cap ratio stands at 0.04957. The support level has been found at 42.01 while the nearest resistance is at $12.4.
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After reaching its all-time high on 16 January, the coin had shown bearish momentum, with it trading considerably below its all-time high. But in what can be seen as positive news for the coin, the coin is trading above the 20 and 50 SMA, which bodes well for the coin in the short term.
LONG TERM VIEW
Regarding the technical indicators, the RSI is holding near the 50 level with steady momentum, while the MACD is surpassing its trigger line below the zero level. The MACD and trend line has been rising parallel upwards and away from this histogram. This has created a strong trend for stable prices rising upwards supporting the breakout. The histograms are still below the zero mark, but with higher lows which suggests that the coin is poised for an increase in price.
CONCLUSION
If the bulls couldn’t sustain the price above the $10 mark, the NEAR price would sink down further. Conversely, if the coin price experiences strong demand from the bottom support, it would hint the buyers are interested in this dip, maintaining a reversal opportunity in the upcoming sessions. It remains to be seen what the future holds in store for the altcoin.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
