TA- Near Protocol Struggles With Resistance, Can Bulls Push Price To $6?

Near Protocol’s (NEAR), although showing bullish signs, declined to $6-$7. It was then rejected back to the support zone, which it is known for, as there has been high demand. Bitcoin (BTC), Ethereum (ETH), and Near Protocol (NEAR), all experienced a relief bounce after their monthly lows, which led to altcoins such as Near Protocol (NEAR), experiencing a certain relief bounce. (Data from Binance).

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

NEAR’s price showed great bullish power after it broke above $4.7 weekly resistance and reached a peak of $5.9, before falling back to its support zone. 

NEAR’s price has again shown bullish strength after closing the week, looking bearish on the weekly chart.

NEAR’s price is trading at a critical resistance in the weekly timeframe. NEAR must break this resistance with high volume to trend higher, to $6 or $7.

Weekly resistance for the price of NEAR – $4.7,$6.

Weekly support for the price of NEAR – $3.

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

Source: NEARUSDT On Tradingview.com| Source: NEARUSDT On Tradingview.com

NEAR’s daily low was $3.7. This provided support for the price as it bounced back off. NEAR has rallied up to $4.7 where there has been resistance in order to break above. This has made it difficult for NEAR to move to higher levels.

Despite the fact that NEAR has been rejected from $6, the NEAR price still shows great bullishness. NEAR currently trades at $4.3 under the 50-day Exponential moving average (EMA), and the 200-day Exponential moving average (EMA).

NEAR’s price could trend higher if the 50 and 200 EMA represent prices of $4.5, $6.7 and respectively. We could see NEAR trending higher to $7 if it breaks the $4.7 corresponding the 50 EMA.

NEAR prices will not break through their resistances if they don’t, the price of NEAR would gain momentum from its $3.7 support or lower.

Daily (1D) resistance for the NEAR price – $4.7, $6.7.

Daily (1D) support for the NEAR price – $3.7, $3.

Prices Analysis For NEAR The Four-Hourly (4H), Chart

The Four-Hourly Near Price Chart. Source: NEARUSDT on Tradingview.com| Source: NEARUSDT On Tradingview.com

NEAR has been trading above $4.2 on its 4H chart. This bullish trend continues. NEAR is trading above the 50 EMA in the 4H chart. There are many buyers that will continue pushing the price higher.

A bullish divergence was formed in the 4H chart after the price fell. NEAR rose to $4.4 following breaking the 50 EMA. NEAR held the high and gained more.

NEAR’s price is currently facing resistance at the 4H chart. This prevents the price from rising higher.

On the 4H chart, the Relative Strength Index for NEAR is higher than 70. This indicates that there has been more volume of buy orders for NEAR.

Four-Hourly (4H) resistance for the NEAR price – $4.5.

Four-Hourly (4H) support for the NEAR price – $4.2, $4.

Featured Image from zipmex. Charts from TradingView.com 

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