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NEAR Protocol price analysis: Bulls regain stability at $6.8 after sequential loss

NEAR Protocol price analysis Bulls regain stability at after sequential loss

TL;DR Breakdown

  • NEAR Protocol price analysis shows bullish momentum.
  • NEAR/USD found support at $6.4.
  • Resistance is found at $7.6.

The NEAR Protocol price analysis shows bullish momentum as bulls took over the bearish trend. Today a major improvement in NEAR/USD price has been observed as bulls denied further degradation of price and provided collateral support for NEAR/USD.

Though the strongest support of $6.6 fell yesterday, and the price went as low as $6.3, but today, the market showed positive sentiment for the NEAR/USD pair, and bulls successfully covered the price range to $6.8 at the time of writing.

NEAR/USD 1-day price chart: Bulls define price function after considerable damage

The 1-day price chart for NEAR Protocol price analysis shows the cryptocurrency price is moving up and has recovered well from the start of the session. Today NEAR/USD pair traded between the range of $6.3 to $6.8, and we expect a further improvement over the coming hours.

NEAR Protocol price analysis: Bulls regain stability at $6.8 after sequential loss 1
NEAR/USD 1-day price chart. Source: Tradingview

Today NEAR bulls successfully reclaimed their breached support of $6.6, the next resistance is present at $7.6, and it is evident from the circumstances that bulls are aiming for it next.

The volatility is comparatively high for NEAR/USD as the Bollinger bands are still expanded enough, with the upper band at the $10.3 mark and the lower band at the $6.1 mark. Due to the consistent bearish trend of the last few days, the price came down near the lower band, so the mean average of the indicator is still far above the price level at the $8.2 mark. The Bollinger bands breakout is slightly downwards, which still indicates worrisome.

The relative strength index (RSI) is in the neutral zone at 46 index, but the indicator shows an upwards curve, which is an indication of the positive market sentiment for NEAR, as selling activity is increasing.

The MACD is still bearish due to the downfall of the last few days, which balanced out the steep gains of the 22nd and 23rd September. MACD is a lagging indicator, as it still favors the bearish side, and NEAR needs to cover a range of at least $7.7 to let the bullish crossover happen.

NEAR Protocol price analysis: NEAR/USD striving for a better score

The 4-hour price chart for NEAR Protocol price analysis declares a rise in price; The bullish momentum has been strong enough to bring the price level above the moving average (MA), which stands at $6.7. Though again, a red candlestick is appearing, it may turn into green in the coming hour if buying activity increases as MA is indicating a bullish crossover.

NEAR Protocol price analysis: Bulls regain stability at $6.8 after sequential loss 2
NEAR/USD 4-hours price chart. Source: Tradingview

The volatility is mild for NEAR on the 4-hour charts, and the price has moved up near the mean average of Bollinger bands. The RSI has been flat at 43 index, and for NEAR/USD to spike up further, the RSI must take an upwards turn.

The short-term moving averages (MA) and exponential moving averages (EMA) are still on the bearish side due to the steep bearish trend of the last week, but the Hull moving average is on the bullish side and favors buying decisions. However, long-term MAs and EMAs all favor the buying of NEAR assets.

If we round off the technical indicators, then out of a total of 26 technical indicators, 10 indications are still on the bearish side, and eight indications are on the bullish side, whereas eight technical indicators stand neutral without favoring any side of the market, the slight inclination of technical indicators towards the bearish side is due to the previous price function.

NEAR Protocol price analysis: Conclusion

The hourly based and the daily NEAR Protocol price analysis suggests a spike in price is expected in the coming hours as there have been bullish indications, and we expect the NEAR/USD pair to touch at least $7.3 level as bulls secure their grounds.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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