The Near Protocol price action has maintained a positive direction since it obtained the $6.00 mark as a support level. At this point, the token is trading in headwind territory and, as such, runs the risk of facing considerable downward rejection. While the current session retains some profits, let’s see what may be expected from this market.
NEAR Statistics:
Current Near Protocol Value: $7.46
Near Protocol Market Cap: $8,008,619,625
NEAR Circulating Supply: 1,069,302,053 NEAR
Near Protocol Total Supply: 1,189,475,822 NEAR
NEAR CoinMarketCap Rank: 17
Key Price Levels:
Resistance: $8.00, $9.00, and $10.00
Support: $7.00, $6.00, and $5.00
Headwinds in the NEAR Market Force a Downward Price Contraction
The Near Protocol daily market continues to occur above the $7.00 mark. The mentioned price level aligns with the 23.60 Fibonacci Retracement level and is above the middle limit of the Bollinger Band indicator. Even the Bollinger indicator has an upside bearing.
At the same time, the Stochastic Relative Strength Index (SRSI) retains an upside trajectory while above the 80 mark of the indicator. Consequently, this hints that the uptrend may still be considered despite the bearish contraction seen on the last price candle. Therefore, traders may want to stick with crypto signals with higher targets in this market.
Near-Protocol Bulls Are Trying to Retain Control
The NEAR 4-hour market has further shed more light on price developments. Here, it could be seen that a new session has begun, and buyers are already leading considering the appearance of the last price candle on this chart. Likewise, the Bollinger Bands can be seen to maintain an upward bearing as price action stays above the middle band of the indicator.
The SRSI indicator lines have delivered a bullish crossover in the oversold region. However, traders should note that headwinds seem stronger in this region of the Fibonacci Retracement indicator. Nevertheless, using crypto signals targeting the price level of $8.50 seems okay based on signs coming from trading indicators.
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