NEAR Protocol price analysis: NEAR faces rejection below $9.25 after a bearish attack

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TL;DR Breakdown

  • The price has declined up to $9.06 today.
  • NEAR Protocol price analysis shows bearish return.
  • Support is rigidly standing at $6.855.

The NEAR Protocol price analysis shows, an unexpected drop in price has been observed during the day, which is why the market is now following a bearish trend. The cryptocurrency is facing loss as the bearish momentum has been able to stop the price from going above $9.26 resistance. The downturn was quite surprising as it was expected that the bulls would soon take the price beyond the resistance level. Yet, a drop in price was recorded today as the price moved down to $9.05.

NEAR/USD 1-day price chart: Price levels drawn back to $9.06 limit after falloff

The price is going down once again as a bearish trend has been confirmed from the one-day NEAR Protocol price analysis. The price had been progressing quite swiftly earlier, as an upward trend was taking over the market. But a significant drop in NEAR/USD value has been observed in the last 24 hours as the price has fallen to $9.06 edge. It is still above the moving average indicator’s (MA) value which is going at $8.436.

NEAR Protocol price analysis: NEAR faces rejection below $9.25 after a bearish attack 1
NEAR/USD 1-day price chart. Source: TradingView

The drop has restricted the price from going beyond the $9.26 hurdle at present. Furthermore, if we talk about the volatility, then it has been towards the increasing side which is yet another bearish sign. The upper Bollinger band is at $9.258 whereas the lower Bollinger band value is $6.85. The Relative Strength Index (RSI) score has moved down to 60.69 as well.

NEAR Protocol price analysis: Bulls struggle for price stability above $9.05 margin

The four hours NEAR Protocol price analysis is showing signs of bullish recovery as the price underwent a slight improvement. Although a downtrend has been dominating on the price chart, the bulls have been persistently putting in efforts to win back their position. Today, the bulls have succeeded in increasing the cryptocurrency’s value up to the $9.06 mark. It is still below the moving average value which is standing at $9.123 for now.

NEAR Protocol price analysis: NEAR faces rejection below $9.25 after a bearish attack 2
NEAR/USD 4-hours price chart. Source: TradingView

The volatility has decreased noticeably which means that chances of further recovery may come in the future. The Bollinger bands Indicator is dictating the following values; the upper value is currently at $9.60 whereas the lower value is at $8.35. The RSI score curve is moving up once again as the score is now touching 59.27 in height.

NEAR Protocol price analysis: NEAR faces rejection below $9.25 after a bearish attack 3
NEAR/USD technical indicators chart. Source: TradingView

The overall recovery of NEAR/USD value has been commendable which is why the technical indicators chart is going bullish. There are a total of 14 indicators that are resting at the buying position, nine indicators at the neutral position while three indicators are at the selling position.

The Moving Averages Indicator is showing signs of a strong uptrend as well by giving out a buying signal. We can see 13 indicators on the buying mark, with one indicator each present on the selling and neutral marks. The Oscillators are displaying a neutral trend for the day because of constant fluctuations in price movements. There are eight oscillators at a neutral level, two oscillators at the selling level, and one oscillator at buying level.

NEAR Protocol price analysis conclusion

The price is headed down once again as it has been confirmed from the one day and four hours NEAR Protocol price analysis. The price has followed downward movement today because of the bearish momentum, and the cryptocurrency’s value is now $9.06. But chances of improvement are there as the bullish momentum has recovered in the last four hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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