Near Protocol (NEAR/USD) Market Crashes as Price Leaves Premium Zone
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Near Protocol Price Prediction – May 31
The NEAR/USD market crashes as the price leaves the premium zone. After forming two equal highs at $8.500 in the premium zone, a reversal in the downward direction began.
The RSI (Relative Strength Index) is currently below the 50.0 level. The RSI shows that the market is moving in a downward direction. A continuation of the overall bullish trend is therefore unlikely until an oversold region is reached in the discount zone. The MA Cross is also contracting as the bears stormed the market. A signal that the market’s environment is now changing.
NEAR/USD Market Key Levels:
Resistance levels: $8.100, $9.000, $9.500
Support levels: $4.300, $3.500, $2.500
NEAR/USD – Daily Chart
The daily chart for NEAR/USD shows that the market is crashing as the price leaves the premium zone.
The market’s environment has been bullish for a very long time. While the market is currently experiencing a downward movement, the overall trend of the market is yet to change. A complete reversal beyond the low of the recent motive wave is needed to conclude that the market has finally flipped bearish.
At what price level is NEARUSD likely to resume its upward trend?
Currently, the trading range of the market lies within the $8.500 swing high and $4.300 support. The price seems to be making a retracement into the discount zone from the premium zone.
After a sell-side liquidity grab below the $6.550 swing low, a bounce off the 78.6% Fibonacci retracement level is probable. Owing to the buying pressure at this discount zone, the bullish pressure is likely to resume.
NEAR/BTC Price Analysis
NEARBTC is also undergoing a correction to the downside. Despite the ongoing pullback, the overall outlook of the market remains bullish. A tap into the FVG (Fair Value Gap) at the discount zone is expected to drive prices higher, causing a resumption of the overall bullish trend.
Near Protocol (NEAR) Current Statistics
Current price: $7.270
Market Capitalization: $7,750,000,000
Trading Volume: $303,500,000
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