Near Protocol (NEAR/USD) Market Remains Bullish Amidst Several Pullbacks
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Near Protocol Price Prediction – May 10
NEARUSD market remains bullish amidst several pullbacks to the downside. The current bullish wave began with a retraction from the bullish order block in the discount zone.
The overall market trend has been bullish for a long time. The retraction from the $2.450 support was filled by the Moving Average period 9, crossing the Moving Average period 21 to the upside. This signaled a strong buy, with more buyers storming the market. The MACD (Moving Average Convergence Divergence) also crossed the zero line to the upside, further strengthening the bulls’ conviction.
NEAR/USD Market Key Levels:
Resistance levels: $7.6350, $8.1000, $9.000
Support levels: $4.300, $3.450, $2.450
NEAR/USD – Daily Chart
The NEAR/USD daily chart showcases that the market’s main direction is still bullish.
A major crash ensued after the market reached the $9.000 resistance level. This major crash sank the price of Near Protocol lower until the demand zone of $4.300 propelled the price back to the upside.
The reaction of the price at the demand zone of $4.300 and the bullish order block have caused the resumption of the market’s bullish trend. The uptrend is likely to continue until the high formed at $9.000 is invalidated.
At what price level is the NEARUSD market likely to experience another major retracement?
As of now, a pullback to the $6.690 price level is probable. This is due to the recent buy-side liquidity grab above the $7.700 swing high.
Following the invalidation of the $6.690 low, NEARUSD might continue expanding upward. However, a major retracement is not expected to occur until a successful break of structure at the $9.000 swing high.
https://www.tradingview.com/x/Od4GWN50
NEAR/BTC Price Analysis
NEARBTC is also undergoing an expansive move to the upside. According to the MA Cross, the market is strongly bullish.
Since the retraction at 0.0000690, NEARBTC has been forming higher highs and higher lows. The ongoing rally is expected to continue until the 0.0001270 swing high is invalidated.
Near Protocol (NEAR) Current Statistics
The current price: $7.4810
Market Capitalization: $7,890,000,000
Trading Volume:$456,470,000
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