Near Protocol (NEAR/USD) Market Cuts Profits as Price Retraces Downward
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Near Protocol Price Forecast – July 26
The NEAR/USD market cuts profits as the price retraces downward. Price is now declining as a result of the recent retreat from the key trendline. But given that the overall trend is still positive, the abrupt correction is probably only going to endure temporarily.
As long as the price stays above the 9-period Simple Moving Average (SMA), which is now at $6.110, there may be short-term upward momentum.
Additionally, a positive crossover—where the MACD line has crossed above the signal line—is displayed by the Moving Average Convergence Divergence (MACD), which is usually a bullish indicator. The bars on the histogram are also expanding, suggesting a developing bullish momentum.
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 currently retracing downward into the breaker block.
Price action reveals a recent change of character (CHoCH), marked by the transition from a downtrend to an uptrend around the $5.700 level. The resistance at $7.710 has been tested multiple times, indicating a significant level to watch.
It is likely that the diagonal resistance, which is the downtrend line, will be broken. A sequence of higher highs and higher lows, a typical indicator of an uptrend, has also been confirmed by the price’s higher lows since the $4.300 level.
Where is the NEARUSD price likely to head in the longer term?
The bullish trend is probably going to continue because of the breaker block. The optimistic prognosis for the future indicates that NEARUSD may go for $8.100, the next major barrier, and maybe $8.520 if strong momentum holds. If the price breaks out and stays above these levels, $9.000 psychological resistance may be tested. All things considered, the optimistic signs and price movements imply that NEARUSD may be able to keep rising.
NEAR/BTC Price Analysis
The price is trading above the 9-period Simple Moving Average (SMA), which is now at 0.00009245 BTC, signaling upward momentum, according to the NEARBTC daily chart. A recent MSS (Market Structure Shift) to the upward in the price indicates the onset of a bullish trend.
With the MACD line above the signal line and a little bullish crossing, the MACD is suggesting a bullish view. From the bullish order block in the discount zone, it is anticipated that the bullish trend will continue.
Near Protocol (NEAR) Current Statistics
Current price: $5.740
Market Capitalization: $6,010,000,000
Trading Volume: $326,160,000
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