Near Protocol (NEAR/USD) Market Bearish Momentum Builds as Resistance Approaches
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Near Protocol Price Forecast – August 23
NEARUSD market bearish momentum builds as resistance approaches. Amidst the overall bearish trend, the market seems to be undergoing a notable retracement into the premium zone.
The Relative Strength Index (RSI) is currently hovering around 44.07, which is below the neutral 50 level, indicating that the bearish momentum is still in control. The Simple Moving Average (SMA) with a period of 9 is trending downward, reflecting a continued downtrend. Additionally, the price has been consistently trading below the SMA, reinforcing the bearish sentiment.
NEAR/USD Market Key Levels:
Resistance levels: $7.7080, $6.4930, $8.5220
Support levels: $3.4500, $2.4500, $1.5000
NEAR/USD – Daily Chart
The daily chart for NEARUSD shows that the bearish momentum is building up as price approaches diagonal resistance.
Looking at the price action, NEARUSD has been forming lower highs and lower lows, a classic sign of a bearish market structure. The price is currently approaching a diagonal resistance trendline, which has been respected multiple times in the past. The validation of the Break of Structure (BOS) around the $3.450 level will suggest that the bears are gaining strength and the price can fall lower.
Where is the NEARUSD price likely to head?
In the near term, the projection for NEARUSD is bearish. After testing the diagonal resistance, the price is expected to face rejection and move downward. Continuous crashes will validate the Break of Structure (BOS). In the worst-case scenario, if the bearish momentum intensifies, the value of NEAR Protocol could decline to the $2.450 level.
NEAR/BTC Price Analysis
The NEARBTC pair is currently trading near the 68% Fibonacci retracement level at 0.00006970, where it is expected to face resistance. The RSI is at 43.10, indicating weak bullish momentum and suggesting a potential reversal.
The price is also below the 9-period SMA, which further supports a bearish outlook. If the resistance holds, NEARBTC could drop towards the support levels at 0.00006860 and 0.00005870.
Near Protocol (NEAR) Current Statistics
Current price: $4.1120
Market Capitalization: $5,110,000,000
Trading Volume: $226,350,000
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