NEAR Technical Analysis: New Buyers Increase NEAR's Market Value

Key technical points:

Past Performance of NEAR

NEAR prices showcase a bullish failure to surpass the resistance confluence of $13 and the 100-day EMA after a bullish recovery from the $10 mark. The downfall accounts for a 20% fall last week resulting in a fall to the psychological mark of $10. The buyers regain trend control to retest the 50 EMA and form a double bottom pattern.

Source-Tradingview

NEAR Technical Analysis 

The 4-hour NEAR/USD chart forms a double bottom pattern with a neckline at the $13 level while the reversal challenges 50 EMA. The bullish reversal comes with a surge in trading volume reflecting the new entry of buyers. 

The EMAs maintain a bearish alignment with the 50 EMA providing dynamic resistance to the bullish attempt. Moreover, the buyers must surpass all the EMAs to attempt the bullish pattern's breakout.

The RSI slope maintains an uptrend starting from the oversold boundary, successfully leading to a bullish divergence in the double bottom pattern. Moreover, the RSI values surpass the 14-period average score reflecting a rise in underlying bullishness.

The MACD indicator shows a bullish crossover in the 4-hour fast and slow lines below the zero line. The lines maintain an uptrend with the newfound bullish alignment and the positive histograms.

Upcoming Trend

If buyers fail to fuel the upend, to surpass the $13 mark, a reversal will lead market prices back to $10. However, if buyers manage a bullish double bottom breakout, the rally will hit the $15 resistance and increase the chances of a bullish recovery to $17.

Support Levels: $10 and $8

Resistance Levels: $15 and $17