Near Protocol (NEAR/USD) Market Approaches A Turning Point Zone
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Near Protocol Price Forecast – August 2
The NEAR/USD market approaches a turning point zone as the bearish retracement continues. The market’s overall trend is bullish owing to the recent CHOCH (Change of Character) on July 15, 2024.
The Relative Strength Index (RSI) is at 41.02, suggesting that the market is neither overbought nor oversold, providing room for more downward moves. The price is slightly below the Simple Moving Average (SMA) of 9 periods at $5.368, indicating that a move above this level could trigger further buying interest. The overall sentiment is cautiously optimistic as the RSI starts to climb from lower levels.
NEAR/USD Market Key Levels:
Resistance levels: $7.710, $8.100, $9.000
Support levels: $4.300, $3.450, $2.450
NEAR/USD – Daily Chart
The daily chart for NEAR/USD shows that the market is approaching a turning point zone as the bearish retracement continues.
The chart exhibits a bullish structure, with recent price action showing a corrective phase towards a significant support zone. After bouncing off the $4.300 rejection block, the price will likely stabilize and form higher lows, suggesting accumulation.
Where is the NEARUSD price likely to head in the longer term?
Given the current indicators and price actions, NEARUSD is projected to continue its upward trajectory. The immediate target would be to break above the diagonal resistance.
If the bullish momentum sustains, the price could potentially reach $7.710, followed by $8.100 in the mid-term. The overall outlook remains positive as long as the price stays above the $4.300 support zone, with the potential to reach as high as $9.000 in the longer term.
NEAR/BTC Price Analysis
The NEARBTC pair is showing a bullish trend, with the price trading near the support level of 0.00007660 BTC. The RSI is at 37.71, indicating potential upside momentum as it moves out of the oversold region.
The price action suggests a higher low formation and a potential breakout above the resistance level at 0.00009200 BTC. If the bullish momentum continues, the pair could target 0.00011000 BTC, with further resistance levels at 0.00012680 BTC and 0.00014000 BTC.
Near Protocol (NEAR) Current Statistics
Current price: $5.040
Market Capitalization: $5,170,000,000
Trading Volume: $311,970,000
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