NEAR Technical Analysis: $12 Rejection Teases A Bullish Pattern
Key technical points:
Past Performance of NEAR
NEAR coin price breaks above the consolidation phase observed above the $8 level with a growth of 35% within 48 hours, resulting in bullish engulfing candles. The rally broke above the 200-day EMA and the merger of 50 and 100-day EMA. However, despite the phenomenal growth in buying pressure, the rally fails to surpass $11.65.
Source-Tradingview
NEAR Technical Analysis
The NEAR coin price shows a weak lower price rejection from the 200-day, which hints at the cup and handle pattern formation. Moreover, the downfall retests the $10 mark and increases the chances of post-retest reversal.
The rally fails to sustain above the merged 50 and 100-day EMAs and shows a trend reversal. Moreover, the merged EMAs show a slight divergence that may shortly result in a bearish crossover.
The Stochastic RSI indicator shows the K and D lines starting the bear cycle with the recent crossover in the overbought zone. However, the lines show sustenance above 70%, indicating a possible reversal.
The MACD Indicator shows the fast and slow lines maintaining a bullish alignment, but the saturated fast line hints at a reversal. Therefore, the indicator projects a weak bullish trend in action.
In short, the NEAR technical analysis forecasts the possibility of a cup and handle pattern.
Upcoming Trend
The NEAR coin price struggles to sustain the uptrend as the bulls retreat from $11.65. However, the support from the 200-day EMA with the technical indicators projecting weak underlying bullishness indicates a reversal possibility.
Hence, the cup and handle pattern with the neckline at $11.65 will generate a buying signal if the prices surpass the neckline.
Support Levels: $10 and $8
Resistance Levels: $11.65 and $15