Near Protocol (NEAR/USD) Market Makes a Pullback to the Upside
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Near Protocol Price Forecast – June 21
The NEAR/USD market makes a pullback to the upside. The pullback follows the oversold indication of the RSI (Relative Strength Index).
The technical indicators for the NEARUSD pair suggest a bearish outlook. The 9-period SMA is currently above the price, indicating that the short-term trend is downward. Additionally, the RSI (14) is at 35.50, signaling that the pair is approaching oversold conditions but still has room to fall further. This convergence of indicators points to continued selling pressure in the near term.
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 indicates that the market has begun a pullback to the upside after the oversold indication of the RSI.
NEARUSD has recently broken below a key support level at $5.500, confirming the bearish trend. The price action also shows a series of lower highs and lower lows, reinforcing the downward trajectory. A recent attempt to bounce back has stalled around the Fibonacci 0.618 retracement level near $6.460, which aligns with a previously established order block (OB). The failure to close above this resistance suggests that the recovery is weak and likely to be short-lived.
Where is the NEARUSD price likely to head in the longer term?
Looking forward, if NEARUSD continues to follow the current bearish path, it is expected to retest the recent low of around $4.450. A break below this level could open the door to further declines towards the $4.300 support level and potentially even lower to $3.450. The price projection aligns with the overall bearish sentiment. The projection also indicates that any rallies up to the weak high around $5.480 are likely to be sold into, maintaining the downward pressure.
NEAR/BTC Price Analysis
NEAR/BTC is in a clear downtrend, trading below the 9-day SMA at approximately 0.00008260, confirming bearish momentum. The recent bounce from the support around 0.00007580 is encountering resistance in the 0.00008400 to 0.00008620 zone, which previously acted as a breakdown area (BB).
The RSI is at 34.09, indicating potential for further downside as it approaches oversold conditions but has room to fall. The next significant support level lies around 0.00006920, and a breach below this could lead to a further drop towards 0.00005868.
Near Protocol (NEAR) Current Statistics
Current price: $5.280
Market Capitalization: $5,810,000,000
Trading Volume: $410,020,000
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