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Vikram
Apr 20, 2022
by Vikram

NEAR Technical Analysis: Bullish Flag Ready To Furl Above $20

NEAR
NEAR coin price action forms a bullish flag pattern after surviving the bearish attack all over the market. Will buyers bring an upside breakout?

Key technical points:

  • The RSI indicator shows a bearish divergence. 

  • The 50 and 100-day SMA give a bullish crossover. 

  • Finally, the 24-hour trading volume of Near Protocol is $1.40 Billion, marking a 2.35% fall.

    • Past Performance of NEAR

    NEAR coin price shows a consolidation range forming between the $15 and $18 after a remarkable rise of 75% from the $10 mark. The accumulation range brings a bullish flag pattern into existence with long-tail formations near the $15 support level. Hence, the bullish momentum trapped within the pattern might shortly outgrow the pattern. 

    TradingView Chart

    NEAR Technical Analysis 

    NEAR coin price shows a double bottom pattern forming within the range, indicating a potential breakout. However, the daily candle turning red, reflecting a 3% fall, reduces the chances for bullish players. 

    The crucial daily SMAs (50, 100, and 200) regain the bullish formation with the positive crossover of the 50 and 100-day EMA. Therefore, the SMAs are ready to provide support at multiple levels. 

    RSI Indicator: The RSI slope underperforms the 14-day average and shows a bearish divergence within the range formation. Hence, the possibility of a reversal to the ultimate support level at $15 increases.

    MACD Indicator: The reducing spread between the MACD and signal lines might shortly undermine the bearish crossover and regain the bullish alignment. However, the crossover remains a possibility as the sequences are bearishly aligned for now.

    In a nutshell, the NEAR technical analysis highlights the possibility of a bullish reversal to the $100 mark.

    Upcoming Trend 

    The NEAR coin price shows a bullish pattern in the daily chart, but the limiting bullish momentum increases the chances of further sideways continuation. Nonetheless, closing above the $18 mark will drive the prices above the $20 mark to create a new all-time high close to $22.

    Support Levels: $15 and $13

    Resistance Levels: $18 and $20

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    NEAR Technical Analysis: Bullish Flag Ready To Furl Above $20
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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