Near Protocol (NEAR/USD) Market Heads Upward as Buyers Aim at $8.590
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Near Protocol Price Prediction – May 17
NEARUSD market heads upward as buyers aim at $8.590. The $8.590 price level was where a lower high formed as the price crashed from the $9.000 supply zone on March 15, 2024.
The major retracement that ensued as NEARUSD crashed from the $9.000 supply zone ended on April 13, 2024. In the bulls’ favor, a bullish order block propelled the price of Near Protocol, putting an end to the bearish move. Subsequently, the SMA (Simple Moving Average) signaled a buy. However, as of now, the RSI (Relative Strength Index) shows that the market is approaching an overbought state.
NEAR/USD Market Key Levels
Resistance levels: $8.1000, $9.000, $9.510
Support levels: $4.300, $3.450, $2.450
NEAR/USD – Daily Chart
The NEAR/USD daily chart showcases that the market is facing upward, probably heading to invalidate the $8.590 swing high.
The just-concluded major retracement began after the RSI showed that NEARUSD was already overbought. This led to the formation of a failed swing as a lower high formed at $8.590.
After the formation of three more swing lows, the price headed upward. Propelled by the bullish order block in the discount zone, NEARUSD continued in an upward direction, rallying in fractals.
How will the NEARUSD market likely react after the invalidation of the $8.590 high?
Since the market resumed the bullish trend in April 2024, the upward trend has been sponsored by the bullish order blocks in the discount zone.
Recently, a bullish order block formed as the price returned from the sell-side liquidity grab in the discount zone. NEARUSD is likely to return to the bullish order block after invalidating the $8.590 high.
NEAR/BTC Price Analysis
Similar to NEARUSD, NEARBTC is also bullish on the daily chart. The market experienced a notable breakout from a diagonal resistance in April 2024.
According to the SMA (Simple Moving Average), the bulls are very much present. The recent BOS (Break of Structure) also confirmed the bulls’ dominance in the market.
Near Protocol (NEAR) Current Statistics
The current price: $8.010
Market Capitalization: $8,710,000,000
Trading Volume:$695,450,000
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