Near Protocol (NEAR/USD) Market Heads Into a Breaker Block
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Near Protocol Price Forecast – August 16
The NEAR/USD market heads into a breaker block in the premium zone. Price’s previous reactions at this zone reflect a strong resistance, which might trigger the continuation of the overall bearish trend.
Nevertheless, the technical indicators on the NEARUSD pair suggest some consolidation with potential bullish momentum. The 9-period Simple Moving Average (SMA) currently sits at $4.0840, acting as a dynamic resistance level that NEARUSD is attempting to cross. Additionally, the Stochastic RSI is at 55.85 and 52.50 for the %K and %D lines, respectively, signaling a neutral to slightly overbought condition. This indicates that there is still room for upward movement before reaching overbought territory.
NEAR/USD Market Key Levels:
Resistance levels: $7.7100, $8.1000, $9.0000
Support levels: $3.4500, $2.4500, $1.5000
NEAR/USD – Daily Chart
The daily chart for NEARUSD heads into a breaker block in the premium zone.
From a price action perspective, NEARUSD has been on a bearish trajectory, evidenced by the falling trendline that has kept prices under pressure. The pair is currently experiencing a retracement within a resistance zone between $4.5000 and $4.6990.
Previous attempts to break this resistance level have resulted in further declines, suggesting that this area could act as a strong ceiling. Price has also respected horizontal support at $3.4500, which has acted as a key level preventing further downside in the short term.
Where is the NEARUSD price likely to head?
The projection suggests that NEARUSD is likely to continue its bullish retracement until it reaches into the breaker block. However, unless the pair breaks and closes above this key trendline, it is expected to face another rejection, leading to a drop towards $3.4500 initially.
If bearish momentum continues, the next support level at $2.4500 could be tested, marking a significant decline. This scenario would align with the ongoing bearish trend unless there is a significant shift in market sentiment.
NEAR/BTC Price Analysis
The NEAR/BTC pair appears to be reversing to the upside after a prolonged downtrend, as indicated by the recent support hold near 0.00005870. The price is expected to move towards the resistance levels around 0.00009700 and 0.00012680, following a potential break above the current consolidation zone.
The stochastic oscillator shows a bullish crossover, suggesting increasing buying pressure. A successful breach above the order block at 0.00009700 could accelerate the move towards higher targets.
Near Protocol (NEAR) Current Statistics
Current price: $3.9950
Market Capitalization: $4,380,000,000
Trading Volume: $172,200,000
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