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NEAR Protocol price analysis: NEAR to retest $8.7 crucial resistance

NEAR Protocol price analysis NEAR to retest crucial resistance

TL;DR Breakdown

  • NEAR Protocol price analysis is bullish today.
  • Resistance for the coin is present at $8.7.
  • Support for NEAR/USD is present at $8.

The NEAR protocol price analysis reports are in favor of bulls for today as bulls have made considerable progress by covering a range upwards and elevating price to the $8.4 level. The bulls are showing aggressive momentum and have recovered the coin’s price well after a gradual decline. Overall the cryptocurrency has been on the decline for the past few weeks, but in the last two days, bullish efforts have been notable, and the buying process has gained momentum. As the price is reaching $8.4, the RSI has also shot up near the center of the indicator.

NEAR/USD 1-day price chart: Near to challenge $8.7 next

The 1-day Near Protocol price analysis shows the coin is in bullish mode as bulls seem quite aggressive today. The NEAR/USD traded in a range of $7.25 on the lower side to $8.7 on the higher side. Currently, the crypto pair is trading hands at $8.4 at the time of writing as NEAR reports an increase in value by 12.4 percent over the last 24 hours, but on the flip side, it also reports a decrease in value by 4.09 percent over the course of the last seven days. The market cap has also increased by 11.51 percent as the trading volume surged by 57 percent today.

NEAR Protocol price analysis: NEAR to retest $8.7 crucial resistance 1
NEAR/USD 1-day price chart. Source: TradingView

The relative strength index (RSI) suggests the traders have pooled in sufficiently today as the curve of the indicator is sharply upwards, and the RSI score has improved till index 46, after remaining quite low for the last few days.

The volatility for NEAR/USD is quite high as well, with the upper limit of the Bollinger bands now trading at $10.2 level, and the lower limit of the indicator is present at the $7 mark representing support for the cryptocurrency. The average centerline of the Bollinger bands is present at $8.6, which represents resistance for bulls to encounter in the coming hours.

NEAR Protocol price analysis: Recent developments and further technical indications

The 4-hour price chart for NEAR Protocol price analysis shows a continuation of upwards price function, as after a sudden drop in price on 6th December, bulls took the lead and has successfully formed an upwards trend line since then. The trend for today has been no different even shows more good progress as today’s candlesticks are larger comparatively, indicating strong bullish momentum.

NEAR Protocol price analysis: NEAR to retest $8.7 crucial resistance 2
NEAR/USD 4-hours price chart. Source: TradingView

The volatility, according to the 4-hour chart, is also increasing as the Bollinger bands started to diverge today again. The upper limit of the Bollinger bands is present at the $8.1 mark representing support for the NEAR/USD as the price has broken past the upper limit of the indicator in the last few hours.

The RSI on the hourly chart shows the NEAR is nearing the overbought status as the indicator has reached index 67 near the borderline of the overbought region. The steep inclining curve of RSI is indicting strong buying momentum currently.

NEAR Protocol price analysis conclusion

The NEAR Protocol price analysis suggests, overall, a downtrend was following for the past weeks, actually from 12th November after the price peaked at $12 on 11th November. Despite the bearish market conditions, bulls have shown remarkable spirit today. We expect NEAR to continue further upside today as the bullish momentum is quite aggressive, NEAR may break past the $8.7 resistance in the coming hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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