NEAR Technical Analysis: $8 Fallout Fuels The Downtrend Momentum
Table of contents
With the downtrend momentum increasing after the breakout of 200-day EMA and the $10 mark, the NEAR coin prices succumb within $8 and continue the fall to approach $6.35. The increasing selling pressure and the correction in the overall crypto market warn of a bearish continuation.
Key technical points:
Past Performance of NEAR
The NEAR token price action shows the failed bullish attempt to sustain above the 50-day EMA, creating a downfall below the $12 support zone. The free fall cuts through $10, the 200-day EMA, followed by the $8 mark with the recent 9.34% fall in the past 24 hours. Accounting for the total fall from the failure to withstand sellers above the 50-day EMA, the coin price has depreciated by up to 45%.
Source-Tradingview
NEAR Technical Analysis
The NEAR coin price shows the possibility of a downfall continuation to the next support of $6.35 as the 9.34% breaks the $8 support level in the past day. Hence, traders can find selling opportunities at current prices.
The crucial 50, and 100-day EMAs continue to approach each other and increase the chances of a bearish crossover. Moreover, the breakout of the 200-day EMA projects increased selling pressure.
The RSI Indicator slope shows a continuation of a long-coming downtrend starting from the rejection from the overbought zone to the recent entry below the 30% mark. However, the oversold RSI promotes the idea of reversal from the support level.
The MACD indicator shows the fast and slow lines moving closely downward as the MACd histograms gain momentum in the negative territory. Hence, the indicator projects the downfall continuation thesis.
In a nutshell, the NEAR technical analysis gives a selling indication at current prices with the target of $6.35.
Upcoming Trend
The NEAR coin price gains bearish momentum evident by the breakout of multiple support levels, a bearish crossover of EMAs, and increasing trading volume. Hence, the anticipation of the upcoming trend turns significantly bearish. However, bullish traders can hope for a reversal near the $6.35 mark.
Support Levels: $6.35 and $4.75
Resistance Levels: $8 and $10