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- NEAR Protocol is currently trading at $1.97 (press time) with an increase of 3.42% intraday.
- The 24-hour low for NEAR was $1.89 and the 24-hour high was $2.01.
- The current NEAR protocol price is below the 20-, 50-, 100-, and 200-Day EMAs.
The NEAR/BTC pair was trading at 0.00006935 BTC with a rise of 1.05% over the intraday trading session.
NEAR Protocol price bounced up after testing its primary support of $1.770. After making its 52-week high in April 2022 the NEAR token declined constantly till the end of 2022. Active buyers that were present in the market tried to keep NEAR price above the primary resistance of $2.745. But because of the heavy short-selling happening in the market, buyers gave in to the sellers’ pressure, pushing the token below its primary support near the end of the year.
Because of this, NEAR price made its new 52-week low near the end of 2022. This shows that after May 2022, sellers dominated the market causing the token to fall 85.19% in 2022. However, after the start of 2023, buyers present in the market carry the NEAR token upwards.
However, after testing its primary resistance of $2.74, the token began consolidating between its primary support and resistance. Consolidation means that neither the buyers or sellers have the upper hand in the market. The area above the primary resistance acts as a distribution or supply zone of the token. If NEAR token has to record its previous highs, buyers have to help the token break its primary resistance.
Trading volume of the coin increased by 10.35% in the last 24 hours, meaning that buying in the market has increased.
Exploring the NEAR Protocol Technical Indicators:
The Relative Strength Index (RSI) is decreasing in the overbought zone and might show a negative crossover over the daily time frame chart, wherein the sellers are in the majority and pushing NEAR downwards. This shows the weakness of the current bullish trend. The current value of RSI is 47.44, which is above the average RSI value of 46.36.
However, the MACD and the signal line intersect but are stranded near zero over the daily chart which does not give any evidence to support RSI claims.
Conclusion
NEAR Protocol price bounced after testing its primary support of $1.770. The token fell by 85.19% in the previous trading year which shows the seller’s domination in the market. After the start of 2023, NEAR Protocol rose up briefly, but is now consolidating between its primary support and resistance. The increase in trading volume shows confidence among traders.
Furthermore, the RSI is decreasing over the daily chart which shows weakness in the current bullish trend; the MACD is stranded near zero. Traders should be cautious when entering the market.
Technical Levels
Resistance level- $2.745 and $3.503
Support level- $1.770 and $1.201
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
