Near Protocol Collapses Despite Rounded Bottom, Is $6 Possible?

  • NEAR Price continues to struggle in both the low- and high-timeframes despite signs of recovery. 
  • NEAR price trades as the price seems set to retest key support zones.
  • NEAR’s price does not break through resistance, despite having a rounded bottom in the daily time frame. 

Near Protocol’s (NEAR) struggles with more bearish scenarios. Investors and traders are becoming frustrated with the price action, as it fails to provide relief against USDT. Near Protocol is aiming for a retest at its support area of $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance).

Near Protocol (NEAR), price analysis on the Weekly Chart

Source: NEARUSDT On| Source: NEARUSDT On

The majority of crypto projects found some relief with the beginning of the month. Altcoins, such as BTC and ETH, continue to gain strength after weeks in a downtrend.

NEAR continues to trade in the downtrend zone despite attempts to surpass $6.

The price reached its $3.5 support zone after a rejection of $6. The price has not been able to rebound and is now trending above the $3.5 support area, which many investors and traders are concerned about.

NEAR price closes bearish in the week ahead of the new week. Price opened with a price range, which caused mixed emotions regarding NEAR recovery. NEAR must break above $6 in order to start its bullish trend.

Weekly resistance for the price of NEAR – $6.

Weekly support for the price of NEAR – $3.5.

Prices Analysis of NEAR on the Daily (1D), Chart

Daily NEAR Price Chart | Source: NEARUSDT On

Daily timeframe: The crypto market price price holds support at $850 billion (850B). This has assisted most altcoins. However, it hasn’t helped NEAR which is still in a range-bound movement but with very little price movement.

NEAR’s current price is $3.68. This price has remained below the Exponential Moving Averages (8 and 20 days), but it cannot break out of this range. As support, the price of NEAR is $3.75.

Breaking above the resistance area could provide some relief to NEAR, which has been in a downward trend for quite some time.

Daily resistance for the price of NEAR – $6.

Daily support for the price of NEAR – $3.6.

Featured Image from zipmex. Charts by Tradingview

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