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- 1 NEAR Protocol (NEAR) price showcased rejection from the key hurdle of $8.
- 2 Sellers looked confident and holded their short positions.
The NEAR Protocol (NEAR) price failed to overtake the round mark of $8 and faced sharp rejection, leading to an intraday cut of over 7%.
However, the NEAR crypto price traded in the midst of the support range of $6.60 and resistance mark of $7.70, which might lead to consolidation in the next weeks.
If the bullish wave continues, buyers need to cross and sustain above the $8 mark to validate the trustworthy bull move.
Meanwhile,the neckline hurdle of $8 was retested multiple times and buyers are eager to cross the region for a further spike ahead. Per the price action, the crypto took a U-turn and is readying to retest the upper trajectory.
NEAR Price Action Outlook: Bulls Still Awaiting A Breakout
On the daily charts, NEAR price struck the trendline mark and reverted from the 50 day EMA mark, close to $6. Meanwhile, the sellers tightened their grip and did not permit the bulls to cross, resulting in a rejection.
Source: TradingView
The intraday trading volume declined over 31.90% to $401.55 Million and is displaying lower investor interest. Moreover, the long/short ratio was noted at 0.9531.
What Derivative Data Indicates On NEAR Price?
Per the data from the Coinglass, followed by the price downtick, long unwinding data was noted. The open interest dropped over 12.33% to $257.50 Million, highlighting the price rejection.
Source: coinglass
Sharpe Ratio and Telegram Users Insights
Source: Messari
The Sharpe ratio value noted below 1, sounds negative still, buyers have much more to do for a significant trend reversal. Amid the uptrend, the key indicators still suggest a downtrend.
Source: Messari
For the past weeks, the users on the telegram platform witnessed a consistent up move and the value rose to 53.55k. The Momentum Indicator (Relative Strength Index) looks neutral, and the curve stands at 55 above the midline, replicating a positive crossover.
Per the Fibonacci retracement levels, the NEAR Protocol price faced the 50% zone and rejected toward the 38.2% region close to the mid bollinger band support.
The immediate support levels for the NEAR Protocol (NEAR) is $6.70 and $6.20 whereas the key upside hurdle is around $8, followed by $8.30.
Conclusion
The NEAR Protocol (NEAR) price trades close to the primary hurdle of $8 and depicted a rejection in the last sessions. Meanwhile, the crypto price is trading above the key moving averages and guided a bullish outlook.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
