Near Protocol (NEAR/USD) Market Signals a Potential Retracement Before Resuming Uptrend
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Near Protocol Price Forecast – December 2
NEARUSD market signals a potential retracement before resuming the uptrend. The retracement will likely end once the price enters the bullish order block.
The indicators in the chart suggest an overbought condition. The Stochastic Oscillator, currently around 79.68 and 83.45, indicates that the market is near its upper limit, hinting at a potential retracement. Additionally, the price is trading slightly above the 9-day Simple Moving Average (SMA) of $6.650, confirming short-term bullish momentum. However, the overbought status of the Stochastic warns of reduced upward momentum and the possibility of a correction before further bullish movement.
NEAR/USD Market Key Levels:
Resistance levels: $6.490, $7.710, $8.520
Support levels: $4.300, $3.070, $2.450
NEAR/USD – Daily Chart
The daily chart for NEARUSD shows that a retracement to the downside is impending.
NEARUSD has shown a clear bullish breakout past $6.880, which acted as previous resistance, turning it into a support level. The chart indicates a Break of Structure (BOS) around the $6.000-$6.500 range, followed by a strong upward surge to $7.290.
The order block (OB) around $5.880 remains a critical demand zone that could support future retracements. Multiple rejections at the $7.290 resistance level suggest that the price is struggling to move higher, indicating a short-term pullback is likely.
What is the outlook of NEARUSD?
The projection for NEARUSD involves a retracement toward the $6.000-$6.500 region, which aligns with the 9-day SMA and the previously highlighted OB. This correction would allow the market to gather momentum for a rebound toward the $7.710 resistance. A successful breach of $7.710 could lead to further bullish targets, including $8.520.
NEAR/BTC Price Analysis
The NEARBTC pair is overbought, as indicated by the Stochastic Oscillator at 78.74 and 84.27, signaling a likely retracement. Price action shows a rejection near the resistance level of 0.00007160 BTC, with the 9-day SMA at 0.00006920 BTC acting as dynamic support.
The chart highlights an order block (OB) around 0.00006170 BTC which could serve as a demand zone during the pullback. Following the retracement, the pair may resume its bullish trend, targeting the resistance at 0.00008990 BTC.
Near Protocol (NEAR) Current Statistics
Current price: $6.880
Market Capitalization:$8,430,000,000
Trading Volume: $492,210,000
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