NEAR Technical Analysis: Price May Fall Below the Support Levels of $2 and $1.76

Near Protocol is an open-source blockchain project that facilitates the creation of innovative decentralized apps. High speed, low transaction fees, and incredible scalability are the unique features of this network. This network also leverages existing financial components to develop new digital currencies. NEAR is the customized token of this ecosystem and the technical analysis is as follows.

Past Performance

On Jun 15, 2021, NEAR opened at $3.25. On Jun 21, 2021, NEAR closed at $2.25. Thus, in the past week, the NEAR price has decreased by roughly 31%. In the last 24 hours, NEAR has traded between $2.15 – $2.79.

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Day-Ahead and Tomorrow

Currently, NEAR is trading at $2.36. The price has increased from the day’s opening price of $2.25. Thus, the market seems bullish.

The MACD and signal lines are negative.  Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst an overall bearish trend.

Currently, the RSI indicator is at 41%. It faced rejection at 50% and fell to the current level. Hence, selling pressures are very high. High selling activity will exert downward pressure on the NEAR price.

Moreover, the OBV indicator has started falling steadily. Thus, selling volumes are slowly overtaking buying volumes. Heavy offloading activity will push the price further down.

In short, all three oscillators have given negative signals. However, intermittent price rises as market corrective action cannot be ruled out.

NEAR Technical Analysis

Currently, the price is below the Fibonacci pivot point of $2.40. It may soon fall below the first Fibonacci pivot support level of $2.15. If the bears remain strong, the price may even fall below the subsequent support levels of $2 and $1.76, respectively.

The price has tested and fallen below the 61.8% FIB retracement level of $2.39. The price may soon fall below the 76.4% FIB retracement level of $2.30 as well. Thus, as of now, the bears seem strong, and we can expect the price downtrend to continue tomorrow as well.