Near Protocol (NEAR/USD) Market Heads Lower Towards Key Support Levels Near $3.00
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Near Protocol Price Forecast – October 4
NEARUSD market heads lower towards key support levels near $3.000. The market shows signs of a bearish trend as buying momentum decreases.
The indicators on NEARUSD point to a bearish outlook. The price is currently below the 9-day SMA (Simple Moving Average) at $4.810, signaling downward momentum. The MACD (Moving Average Convergence Divergence) is also showing weakness, with the MACD line slightly above the signal line but both flattening out. A cross below the signal line could accelerate the downward move.
NEAR/USD Market Key Levels:
Resistance levels: $5.330, $6.490, $7.710
Support levels: $4.3000, $3.000, $2.4500
NEAR/USD – Daily Chart
The daily chart for NEARUSD shows the market is set to experience a market structure shift to the downside.
Price action reflects a clear rejection from the resistance level at $5.330. The price attempted to break above but failed, indicating strong selling pressure in this zone.
NEARUSD is now approaching the next support zone at $4.300, with a potential to test further support at $3.000 if bearish momentum continues.
What is the short-term outlook of NEARUSD?
The projection for NEARUSD suggests further downside as the bearish structure solidifies. A break below $4.300 would likely see the price targeting $3.000.
If bearish momentum is strong enough, we could even see a move toward $2.450. Any potential recovery would need to overcome the resistance at $6.490 to shift sentiment.
NEAR/BTC Price Analysis
The NEAR/BTC pair is showing a bullish bias, with the price currently sitting around the 0.00007700 zone. The pair recently bounced from the 0.786 Fibonacci retracement level, suggesting strength in the upward movement.
There is resistance around 0.00008990, which, if breached, could lead to a further rise towards 0.00011010 and 0.00012680. A potential retracement toward 0.00007220 before the next upward move remains possible, but overall, momentum indicators like the MACD favor continued bullish momentum.
Near Protocol (NEAR) Current Statistics
Current price: $4.8820
Market Capitalization: $5,840,000,000
Trading Volume: $228,360,000
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