Near Protocol (NEAR) Price Remains at an Elevated Support Despite General Market Downturn
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
- NEAR remains resilient despite the broader crypto market downturn.
- The $4.70 support and bullish technical setup provide a strong base for recovery.
- Buyers could push NEAR above $6, with $8 and $10 as potential targets.
The Near Protocol token has remained one of the best-performing crypto coins as of the time of writing. More interestingly, such performance has surfaced at a time when most coins are heading downward. To support this, positive fundamentals have emerged in the past 24 hours, including news that the coin has hit the leading 20 first-ever post-quantum asset launches, the latest as of the time of writing.
Near Protocol on a 24-Hour Chart
On the daily chart, NEARUSDT has recently broken through resistance. Currently, the token stands above a price base level at $4.70. The last price candle here, however, has appeared bearish but is presenting only a modest pullback. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are in the oversold zone, with the terminal part of the indicator having recently delivered a crossover.
NEARUSDT Has a Solid Base
The Near Protocol token has indeed reached an impressive height. The current session has brought the token to trade at exactly $5.151 as of the time of writing. But for most part of the past two weeks, it could be seen that trading remained above the common support level at $4.70. Trading stands above the 9-day Exponential Moving Average (EMA) curve, but the SRSI lines are somewhat oriented sideways in the oversold region. As such, from a positive perspective, it seems that once upside forces kick in, the market may resume moving more strongly upward.
Near Protocol Buyers Are Lurking Just Below the $6 Mark
In the general crypto market, bearish sentiment is high. As such, most cryptocurrencies are seeing significant pullbacks, yet the NEAR token has seen only a minimal effect from the downturn. As of the latest, the token trades above key technical landmarks. Therefore, as soon as the bearish retracement abates, upside forces may have the room to significantly push the market through the $6 mark and toward the $8 and possibly the $10 price mark.
