Home
News
- Near Price consolidating at the end of its uptrend
- Near Price might take rejection from its critical resistance at current levels
NEAR Price has been on a bullish trend recently showing the buyers interest in the token but now it seems like that the bull rush might end soon after giving a extremely bullish rally of 70% NEAR price is consolidating signaling that the buyers are currently holding the coin. The next action of the trend will be decided if either the buyers will lose interest or bears will overpower the market or the NEAR will find new investors to support the price at current levels.
NEAR Price under consolidation
Near after trending under bear’s influence for a long while has been consolidating within a range for the last few months after making a bullish pattern of double bottom around price $ 1.23 after which NEAR jumped up 70% near early January. As of now after giving an extremely bullish move NEAR price is currently consolidating around the levels $2.038 to $2.094. NEAR price seems to be currently taking resistance from its upper consolidation level.
Technical Analysis ( 4 hour Timeframe)
EMA’s – NEAR is trending above the 200 day EMA on a bullish trend in 4 hour timeframe while on the daily timeframe NEAR is trading below the 200 day EMA while taking consistent support from the 100 EMA making a narrow consolidation. Generally in this condition price after consolidating within a range price breaks out in a particular direction to continue the trend making the trend catching more predictable.
Support and Resistance – Currently NEAR price is taking resistance from the level $2.738 while its next critical resistance is just above NEAR prices 200 EMA around level $3.116 and NEAR’s current support level is $ 2.261 while its main support level is near $2.094 near is base consolidation level.
RSI – RSI has recently taken a sharp downturn on 4 hour timeframe confirming the current price action while on the one day timeframe RSI is slowly reversing from the overbought levels signaling that this recent development might continue going downward.
Conclusion
As we can conclude from the above analysis NEAR seems to be trending on the oversold levels on the daily timeframe while on 4 hour timeframe the RSI already seems to be crossing the median line the signals of indicator are coinciding with the current price action also NEAR might soon face critical resistance from the 200 EMA if it does cross the consolidation channel.
Technical levels –
Support – $ 2.261 and $ 2.094
Resistance – $ 2.738 and $3.116
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
