Near Protocol (NEAR/USD) Market Prepares for Potential Downside Continuation
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Near Protocol Price Forecast – April 19
Near Protocol (NEARUSD) market prepares for potential downside continuation. An impending bounce off the mitigation block at the 61.8% Fibonacci level will likely trigger the resumption of the downtrend.
The RSI (Relative Strength Index) on the daily chart is currently showing weak bullish momentum and staying below the 50-neutral mark, which reinforces the ongoing bearish sentiment. The 9-day SMA (Simple Moving Average) is nearly flat at $2.070, closely tracking the current price and suggesting a lack of strong directional momentum. Despite minor upward moves, the indicators are not providing any strong signs of bullish reversal.
NEAR/USD Market Key Levels:
Resistance levels: $3.070, $4.530, $6.490
Support levels: $1.820, $1.500, $1.000
NEAR/USD – Daily Chart
The daily chart for NEAR/USD reveals that the the market is under the control of the bears.
Price action reflects a bearish market structure, marked by a consistent formation of lower highs and lower lows. A Break of Structure (BOS) occurred below $2.140, confirming downward pressure, and a mitigation block around $2.700 may acts as a key resistance zone.
The price is currently retesting this level from below, and previous rallies toward this zone have failed to break through convincingly. Fibonacci retracement levels also align with this resistance area, adding to its significance.
What is the next move for NEARUSD?
The outlook for NEARUSD remains bearish unless the price decisively breaks above the $3.070 resistance zone. A rejection from this area could trigger another move lower, potentially targeting the $1.500 support.
Should bearish momentum continue, a further decline toward the $1.500 psychological level is not off the table. Bulls must reclaim $3.070 to invalidate this bearish scenario and shift momentum back in their favor.
NEAR/BTC Price Analysis
NEARBTC remains in a bearish trend, trading below the 9-day SMA and forming consistent lower highs, as marked by red arrows. The RSI hovers around 33.92, reflecting weak momentum and no immediate signs of reversal.
A short-term bounce toward the 0.00002790 resistance zone is possible but likely to face rejection. If selling pressure resumes, price may drop toward the key support at 0.00001700.
Near Protocol (NEAR) Current Statistics
Current price: $2.080
Market Capitalization: $2,500,000,000
Trading Volume: $148,350,000
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