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As Bitcoin’s bullish momentum seems to be slowing down, the broader crypto market has also experienced a slight decline. As a result, the Near Protocol token has seen a 1.02% price decrease. While price action in this market stays above important technical landmarks, let’s take a closer look.
NEAR Statistics:
Near Protocol Price: $5.157
Near Protocol Capitalization: $6.23B
NEAR Circulating Supply: 1.22B
NEAR Total Supply: 1.22B
Near Protocol CoinMarketCap Rank: 18
Key Price Levels:
Resistance: $5.500, $6.000, $6.500
Support: $5.000, $4.500, $4.000
NEAR Gets Bounced at the Resistance at $5.606
Price movement in the Near Protocol daily market hit and rebounded off the resistance price level at $5.606 during the past two sessions. The market extended this move today with an additional price decline. Consequently, the coin trades at $5.156 as of the time of writing.
Nevertheless, trading continues above the 20-, 50-, and 100-day Moving Average (MA) lines. The Stochastic Relative Strength Index (RSI) lines can be seen now descending slightly towards the 80 level of the indicator. Be that as it may, this indicator is still in the overbought region, and upward momentum may still easily regain control of this market.
Near Protocol May Rebound Off the 20-day MA
In the NEAR 4-hour market, price action appears to be taking support above the 20-day MA curve. Consequently, the last price candle on the chart seemed green despite having a significantly contracted body. Also, all other MA lines are below recent price candles and below the last price candle on the chart as of the time of writing.
Meanwhile, the Stochastic RSI lines maintain a mangled appearance. Also, the trajectory of the ensuing lines still points deeper into the oversold region. Therefore, prices may dip further below the $5.157 level but may rebound upwards off the $5.00 mark. So traders may still use crypto signals designed in line with such a perspective in mind.
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