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- 1 NEAR is currently trading at $1.591 on the daily timeframe.
- 2 The NEAR price is seeing an increase of 1.56% in the last 24 hours.
NEAR token has been making constant efforts to break its severe resistance level daily timeframe. The price of Fantom at present is facing severe rejection from the 200 EMA whereas all the other key faster-moving averages are trading below it. Presently, the buyers are making an effort to propel the price up after taking rejection from the previous resistance level.
The price of NEAR recently made an attempt to break out of its bear trend near early January.
Previously, after gaining support from the $1.200 spruce point, it made a bullish W pattern and surged by more than 95%. However, despite the bulls’ support, the price was not able to breach its resistance level at $2.800 near the 200-days EMA. NEAR token, after making a double top pattern, was overwhelmed by the sellers, and in accordance with the previous prediction, made a sharp downfall of 37% within a few weeks.
A Spike in Negative Sentiments Among Investors
Investors are exhibiting negative sentiments regarding Near token, there is a decrease of 29.59% in the bullish views of the buyers whereas the bearish sentiments have increased by 16.67% within the past 7 days as per the metrics provided by Lunar Crush. The Total Social Mention rate fell by 25.6%.
Technical Analysis (1 Day Timeframe )
NEAR price at present is taking critical resistance from the 20-day Exponential Moving Average. At present, the support level for NEAR token is around $1.500, and the next support level will be around $1.400. The resistance point for the price of NEAR is near $1.600 and its major resistance is at $2.200.
The RSI line is trading below the median line near oversold levels attempting to breach the 14 SMA. The RSI line is making a lower high and lower low since the end of November. The value of the RSI line as of now is 37.43 points, while the 14 SMA is making a barrier at 37.26 points.
The Stochastic RSI is trending near the overbought level of around 26.80 points. The %K line and %D line have already given a negative cross-over near 80.00 points above the median line.
Conclusion
According to the analysis, the oscilllators are presenting a contrasting view as the stochastic RSI and RSI are presently trading against each other. NEAR price is facing severe resistance from the 200 EMA and may make another attempt to break above the present barrier.
Technical levels –
Support –$1.800
Resistance – $2.100
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
