NEAR Protocol appears bullish after it soared past $4.7 support.
- NEAR’s bullish momentum appears to wane
- Price exhibits low trading volume
- NEAR Price Trading at $4.51
However, judging by the price movement, it looks like the bull’s luck may be running out.
On the other hand, NEAR’s trading volume appears to be diminished or low even if the altcoin has amassed roughly 35% gains in that same period. Does this indicate a weakening NEAR demand?
From a long-term perspective, NEAR’s resistance and support levels could be anywhere near the $3.7, $4.5, and $6.8 levels; respectively.
Although the $6.8 area was initially intended to act as a support zone, it has become too difficult for sellers to manage. It was tested again late in May with no success.
$6 Level Posing Hurdles To NEAR Price
In the coming weeks, it’s more likely that the $6 level would hoist some hurdle to the price. This is because the $4.7 zone, which has been pivotal in the daily chart’s charts from June to July, is another crucial support level.
This zone breach was remarkable for NEAR protocol. However, August proved unkind with a reversal of the seismic price crash and an earthquake price crash.
NEAR’s RSI has been pushed above the neutral 50 zones following a rejection experienced last month. The bullish trend has not stopped buying pressure from easing. The OBV was also slow, with the OBV failing to make new highs.
If the OBV is able to surpass the August high, it will validate NEAR Protocol’s strong demand. Additionally, the Chaikin Money Flow or CMF has also barreled past +0.05 revealing NEAR’s huge capital flow.
We need more buying activity
The technical indicators overall show strong buying activity, and some bullish movement. However, it may not be sufficient to confirm a move above the $6.8 mark.
Based on CoinMarketCapNEAR’s price dropped 9.05%, or it was trading at $4.51 in this writing. The current stats have been optimistic and are quite the opposite of NEAR’s remarkable performance over the past few days where the altcoin has registered an uptick of 9.5%.
Comparing to last week’s slow growth, trading volume increased up to 36%.
NEAR TOTAL MARKET CAPITAL at $3.36 BILLION on the Daily Chart | Source: TradingView.com Featured Image from The Market Periodical Chart: TradingView.com