Near Protocol (NEAR/USD) Market Begins a Major Pullback
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Near Protocol Price Forecast – August 9
The NEAR/USD market begins a major pullback to the upside. Despite the overall trend being bearish, a retracement seems to have begun as the market recuperates from the oversold state.
The Relative Strength Index (RSI) is hovering around 36.92, indicating that the asset is leaving the oversold territory. The Moving Average Convergence Divergence (MACD) histogram shows increasing negative momentum, with the MACD line crossing below the signal line, which further confirms that the overall trend is bearish.
NEAR/USD Market Key Levels:
Resistance levels: $6.490, $7.710, $8.100
Support levels: $4.300, $3.450, $2.450
NEAR/USD – Daily Chart
The daily chart for NEAR/USD shows that the market has begun a major pullback to the upside.
Analyzing the price action, NEARUSD is trading below a descending trendline, which has acted as strong resistance since the asset failed to break above $6.490 in early July. The price is currently around $4.050, testing support at $4.300. There is a pattern of lower highs and lower lows, confirming the bearish trend.
The Fibonacci retracement levels highlight 0.618 and 0.786 as key levels that could be tested if the price attempts a short-term rally, but the overall trend remains downward.
Where is the NEARUSD price likely to head?
Looking ahead, the projection suggests that NEARUSD may attempt a short-term bounce toward the resistance around $5.000. However, if the price fails to break this resistance, it is likely to continue its downward trajectory, targeting the next support levels at $3.450 and potentially $3.070.
NEAR/BTC Price Analysis
The NEARBTC pair is exhibiting bearish momentum, with the RSI at 31.42, indicating that the asset is in the lower range. The MACD histogram shows negative momentum, with the MACD line below the signal line, reinforcing the bearish trend.
The price is currently retracing towards the bearish order block around 0.00007450 to 0.00007900 BTC, where it is likely to face strong resistance. After testing this order block, the pair is expected to continue its downward movement.
Near Protocol (NEAR) Current Statistics
Current price: $4.050
Market Capitalization: $4,450,000,000
Trading Volume: $264,010,000
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