Near Protocol Struggles To Break Out Despite Relief Bounce

Near Protocol failed to make it despite the market relief with ETH, OP and OP surging high.

Near is one the many Blockchain solutions offering good use cases and trying to address Ethereum Scalability, Bridging and Contributing to the DeFi Space.

Near is a crypto-favorite coin, but it has had difficulty breaking out of its channel.

NEAR Weekly Chart

Near reached its All Time High (ATH), $20.1, in January 2022. Near was struggling with the downtrend that began when major coins fell by 80%.

It is now near its ATH at $20.15 and has dropped by more than 75% to $3.0. NEAR currently trades at $4.2, just a few short of a significant resistance that could prevent it from breaking to the upside.

NEAR Weekly Chart Analysis – Source: NEARUSDT At| Source: NEARUSDT On

NEAR’s weekly chart shows that it faces major resistance at $4.73, following a reverse from its low of $3.0

Breaking out of this resistance would send the price of NEAR to a region of $6.4 – $7

Weekly resistance – $4.73

Weekly support – $3.0

ATH – $20.1

NEAR Daily Chart Analysis 

Near Price Analysis on the Daily Timeframe | Source: NEARUSDT On

Major support level on the daily chart (1D) – $3, $1.8

Major resistance on the daily chart (1D) – $4.72

NEAR means that there is not much buying and selling activity on the daily charts. It just indicates a channel or range of activity that must be broken either to the upside, or the downside.

The volume on the 1D  chart shows less buying and selling with the relative strength index (RSI) above the 50 mark area.

NEAR will trade at $6.0 if the bulls are able to push NEAR up the side.

If the price of Near is broken to the downside by bears, $3 – $2.8 are acting as strong support that has held NEAR throughout the downtrend and can be seen as a major support area.

This could prove to be an excellent accumulation point for investors who use a dollar cost-average strategy. Dollar Cost Averaging allows for the purchase of crypto assets by using money that is divided over time. This strategy can also be used to buy assets on market level as they reverse.

NEAR price on The 4H Chart

Source : NEARUSDT At| Source: NEARUSDT On

NEAR on the 4H chart looks very similar to NEAR in the 1D timeframe. It is just trying to move above resistance. NEAR generally looks great based upon a fundamental analysis of the crypto market.

Given the current market environment, it is worthwhile to accumulate for the bull-run as there are so many upside possibilities.

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