NEAR has seen many difficulties since it was launched in October 2020. NEAR might become less reliable as the market is at its lowest level in history.
Numerous analysts have predicted a bearish outcome for the token. The price of the coin fluctuated close to the $3.75 resistance line, and the bearish markets even tried to escape it.
According to Coingecko data, the coin tried to recover from its recent low at $4.16 by rallying to $4.51. This bullish move is the latest attempt by the market to surpass the $4.44 resistance.
NEAR price hounded by massive sell-off
A $4.4 long rejection candle confirms the end of the bearish pattern. The NEAR price could fall to $3.75 if there is continued selling.
The price of NEAR token has decreased by almost 90 percent from its recent high of $4.51 to its current price of $4.02.
Also, the coin experienced a massive liquidation between $4.18 and $4.02. This can be interpreted as Wednesday’s sudden surge in trading volume.
Even though the market has been extremely bearish recently, the coin’s future may still be favorable.
However, the NEAR price could recover from $3.75, which would indicate that buyers are actively looking at the price, and that the market is preparing for another attempt to breach the $4.75 resistance.
Crypto Still Can Break the Impasse
In light of the fact that the coin’s value has recently increased, this interpretation may be correct.
The market’s reaction seemed counterintuitive to the developing situation. The price of the coin oscillates in the $4.11 range, well above the $3.75 support level.
The market’s current selling pressure may partly be countered by recent increases in trading volume. Recent trader behavior suggests that NEAR’s full potential is still within reach.
Meanwhile, bearish market sentiment will give NEAR’s investors and traders another chance to try and break the impasse at some point in the future.
Source: TradingView.com| Source: TradingView.com Featured Image from Telegaon. Chart from TradingView.com