TA: Near Protocol Struggles To Break Out Despite Relief Bounce
02 Agosto 2022 - 12:31AM
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Despite the relief bounce across the crypto market with the likes
of BTC, ETH, and OP, surging high, Near Protocol has struggled to
break out. Near is one of the many blockchain solutions with good
use cases trying to provide solutions to Ethereum scalability,
bridging, and contributing to the DeFi space. Near has struggled to
break above its ranging channel despite being a favored coin in the
crypto space. NEAR Weekly Chart After reaching its All time high
(ATH) of $20.1 in January 2022, Near had struggled with its
downtrend when the market became bearish, with major coins falling
by 80%. Near its ATH of $20.15, it has fallen by over 75% to a
region of $3.0. As of writing, NEAR is trading at $4.2, close to a
major resistance before it breaks to the upside. The weekly chart
for NEAR shows it is facing major resistance of $4.73 after a
reversal from the low of $3.0 Breaking out of this resistance would
send the price of NEAR to a region of $6.4 – $7 Weekly resistance –
$4.73 Weekly support – $3.0 ATH – $20.1 Daily Chart Analysis Of
NEAR Major support level on the daily chart (1D) – $3, $1.8
Major resistance on the daily chart (1D) – $4.72 NEAR on the daily
chart shows not much buying or selling activity, just in a range or
channel that needs to be broken to the upside or downside. The
volume on the 1D chart shows less buying and selling with the
relative strength index (RSI) above the 50 mark area. If the bulls
can step in and push NEAR to the upside, then the range at which
NEAR is trading will be broken, sending the price to $6.0 If the
price of Near is broken to the downside by bears, $3 – $2.8 are
acting as strong support that has held NEAR throughout the
downtrend and can be seen as a major support area. For investors
applying a dollar cost average strategy, this could be a good
accumulation level. Dollar Cost averaging is a strategy employed to
buy crypto assets with a sum of money in bits over time or a
strategy used to buy crypto assets at market levels as the assets
make reversals. NEAR Price On The 4H Chart On the 4H chart, NEAR
looks similar to the chart on the 1D timeframe, just ranging and
trying to break above the resistance region. NEAR, in general,
looks good based on a fundamental crypto market analysis. With
current market conditions, it will be worth accumulating for the
bull run as it has so much potential for the upside.
Grafico Azioni NEAR Protocol (COIN:NEARUSD)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni NEAR Protocol (COIN:NEARUSD)
Storico
Da Mar 2023 a Mar 2024