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Near Protocol has come a long way from its low in 2020 at just $0.5268 to trading above the $20.00 mark in January 2022. The token has seen a price increase of roughly 2.0% today, and trades a bit above the $5.00 mark. At this point, the market is moving very much around a self-fulfilling level. Let’s see how the market may proceed.
Near Protocol Statistics:
Current NEAR Value: $5.48
NEAR Market Cap: $5,979,594,150
Near Protocol Circulating Supply: 1,093,897,608
Near Protocol Total Supply: 1,198,414,346
NEAR CoinMarketCap Rank: 17
Key Price Levels:
Resistance: $6.00, $7.00, and $8.00
Support: $5.00, $4.00, and $3.00
The NEAR Token Takes Off from a Promising Support
Although price action in the Near Protocol daily market has descended from the height above of $20, it can be seen that the market has even descended from a more recent high near the $9.00 mark. The token now trades at around half of the price last seen on March 14th ($9.00). An upside rebound occurred in the past two sessions off the Fibonacci Retracement Level 50, and today’s trading activity has seen a minimal extension to that.
Also, the ongoing session continues to test the 20-day Exponential Moving Average (EMA) line after surpassing the 200-day EMA. Meanwhile, the Moving Average Convergence Divergence (MACD) lines are rising steadily below the equilibrium level. Additionally, the bars of the MACD indicator can be seen growing steadily, indicating a steady gain in upside momentum.
The Near Protocol Market Seems Largely Focused on the $6.00 Mark
Although a minimal rejection can be seen on the NEAR 4-hour market, the general trajectory seems headed toward the $6.00 price level. The previous session saw the market take support at the 100-day EMA line, while the current session has printed a minute downward deflection of the price at the $5.50 level. Nevertheless, the market stays just below the 200-day EMA curve.
Furthermore, the MACD lines have risen past the equilibrium level and have continued upwards. This is so despite the change in the appearance of the indicator bar, which suggests a decline in upside momentum. Be that as it may, it seems traders can still utilize crypto signals targeting the technical resistance at the $6.00 mark.
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