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Ankita Awasthi
Dec 9, 2021
by Ankita Awasthi

NEAR Technical Analysis: Hovering its Recent High, Price Can Go Either Ways

NEAR
NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform and eliminates some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput, and poor interoperability. This provides the ideal environment for DApps and creates a developer and user-friendly platform. For instance, NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum.

Let us see the technical analysis of NEAR.

Past Performance of NEAR

The NEAR price today is $9.356 with a total trading volume of $646,156,962.00. The coin was up 8% on December 8, 2021, but is 1% down during the last 24 hours. The current ranking is #36, with a live market cap of $5,443,730,162.00. It has a circulating supply of 572,960,489 NEAR coins. The highest closing price in the current month was $9.59, a -27.33% less of its all-time high at $13.20.

TradingView Chart

NEAR Technical Analysis

The reason for the rise in price on December 8, 2021, could be attributed to MoonPay announcing that it was allowing its users to buy NEAR tokens worldwide. MoonPay has a cryptocurrency trading app with around five million users. By announcing support for NEAR, MoonPay made the pool of potential investors deeper, which could partly explain the increased trading volume.

The On-Balance Volume is at 250 million, showing a change in volumes as per the fall in price. This shows a bearish mood might set in. We seem to be back to bearish price.

RSI is at 53% in a slight flat to an upward direction at this time. It could move either way depending on how volume trading happens today.

The MACD (fast line) seems to be moving upwards showing a change in trend might happen. We need to see the movement of the slow line (signal line) on how much it follows the change in trend.

Price Trends for the Day-Ahead and Tomorrow

The last high from December 9, 2021, at $9.59 was with -13.17% under the resistance of $11.05 and could not be broken through. The support level is currently showing at the $7.52 mark. Currently, the NEAR price is holding 27.51% above this level.

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NEAR Technical Analysis: Hovering its Recent High, Price Can Go Either Ways
Ankita Awasthi
Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

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