Near Protocol (NEAR/USD) Market Heads Towards a Significant Bearish Reversal
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Near Protocol Price Forecast – September 13
NEARUSD market heads towards a significant bearish reversal. The market is making a short-term bullish retracement after the recent sell-side liquidity grab below the $3.8270 level.
The Relative Strength Index (RSI) is showing neutral to mildly bearish momentum with a reading close to 51.17, indicating that the market is neither overbought nor oversold. However, the declining price and negative divergence suggest the bears are gaining control. The 9-day Simple Moving Average (SMA) is currently moving sideways but sits above the current price, signaling a potential shift in momentum toward a bearish trend.
NEAR/USD Market Key Levels:
Resistance levels: $6.4930, $7.7080, $8.5220
Support levels: $3.4500, $2.4500, $1.5000
NEAR/USD – Daily Chart
The daily chart for NEARUSD shows that the market is heading toward a significant bearish reversal zone.
Previous price action indicates a rejection at the resistance level of $5.1310 showing selling pressure. The chart reveals a descending trendline that has been respected by the price, pushing it lower since the $7.7080 level. Furthermore, the recent bounce from the $3.0740 low suggests short-term support, but the lack of strong bullish momentum raises concerns about further downside risk.
Where is the NEARUSD price likely to head?
Looking forward, if NEARUSD fails to break above the immediate resistance of $4.5000, it could see a decline toward key support at $3.450 and $2.450, potentially dropping further. The bearish trendline and price rejection point to a likely continuation of the downtrend in the coming days, making a test of lower support levels probable.
NEAR/BTC Price Analysis
The RSI at 53.11 is slightly above neutral but indicates a potential downturn. The price recently faced rejection at 0.00007900 BTC, with a strong supply zone overhead.
A lower high has formed near 0.00007350 BTC, signaling to weaken bullish momentum. If the price breaks below the support at 0.00006910 BTC, a further drop toward 0.00005870 BTC is likely.
Near Protocol (NEAR) Current Statistics
Current price: $4.1570
Market Capitalization: $4,670,000,000
Trading Volume: $199,720,000
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