NEAR Technical Analysis: $15 Fallout Warns Bearish Continuation

Key technical points:

Past Performance of NEAR

After a sharp rally in NEAR Protocol token price last month, a bearish reversal haunts a downfall back to the pre-bull run levels.  The bloodbath creates a streak of bearish candles starting from the $17.5 cracks below the psychological mark of $15.

Source-Tradingview

NEAR Technical Analysis 

The fall in the NEAR token price triggers an end of the flag pattern and indicates a potential selling point for traders who trade price action. But, the pattern of EMAs aligned with bullish sentiment can create ripples of reversal skepticism to shake off the bearish traders.

The 50-day EMA does not stop the fall and then collapses due to the high selling pressure. While the 100 and 200-day EMAs continue to rise and are ready to offer any bullish reversal chance. This is the reason why EMAs are critical support zones that can alter the trend of bearish action.

MACD Indicator: The fast and slow lines continue the bearish approach to reach the zero line. Hence, the indicators project a high underlying bearish momentum.

RSI Indicator:  The RSI slope shows a sharp fall crossing under the halfway mark and the 14-day average line. 

In a nutshell, the NEAR technical analysis shows a potential fall to the 100-day EMA as the breakout rally gains momentum.

Upcoming Trend 

With an increase in selling pressure, the breakout rally begins to fall beneath the $13 mark. Therefore, a further rise in supply could breach the 100-day EMA and may fight to hold when it reaches the 200-day EMA at $11.5. But, a possible reverse from the 50-day EMA could push prices up to test the breakout of $15.

Resistance Levels: $21 and $24

Support Levels: $18 and $17