Near Protocol (NEAR/USD) Market Makes Short-Term Upward Retracement
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Near Protocol Price Prediction – May 7
NEAR/USD market makes a short-term retracement upward. This followed a major decline into the demand zone at $4.300. As of now, the price seems to be heading upward to fill the FVG (Fair Value Gap) in the premium zone.
The market’s overall bullish trend was bullish until the major resistance at $9.000 was hit. The price retracted downward from the $9.000 resistance, creating a swing low at $6.500. The market’s structure shifted downward due to the subsequent invalidation of the swing low at $6.500. As of now, the market’s order flow is bearish. However, a pullback is ongoing, probably to fill the FVG (Fair Value Gap) around the $7.000 price level. The bearish trend is expected to continue after the FVG is filled.
NEAR/USD Market Key Levels:
Resistance levels: $7.6350, $8.1000, $9.000
Support levels: $4.300, $3.450, $2.450
NEAR/USD – Daily Chart
The NEAR/USD daily chart showcases that the market is undergoing a pullback into the premium zone.
Before the long-term consolidation in the first two months of the year 2024, the market was in a bullish trend. NEARUSD experienced a long period of consolidation as it hit the $4.300 previous resistance.
The bullish trend resumed as the price successfully invalidated the $4.300 previous resistance. The bullish trend continued until the major resistance at $9.000 was hit. Owing to the significant selling pressure, the market flipped downward in the bears’ favor.
When will NEARUSD market likely resume its bearish trend?
The market’s overall downtrend is further sponsored by the falling trendline from the $9.000 swing high. Following the invalidation of the double bottoms at $6.011, the price crashed into the $4.300 demand zone.
The reaction of prices towards the $4.300 demand zone caused a major pullback to the upside. The price resumed its downtrend after hitting the falling trendline. However, a short-term rally into the FVG at the premium will likely occur before the overall bearish trend continues.
NEAR/BTC Price Analysis
Unlike NEARUSD, NEARBTC is bullish, according to the order flow on the daily chart. Following a tight consolidation throughout February 2024, the price broke out massively to the upside.
Recently, a diagonal resistance was invalidated as the buying pressure increased. However, owing to the overbought indication of the Stochastic Oscillator, NEARBTC is currently undergoing a bearish correction. The bullish trend will likely resume once the price enters the bullish order block in the discount zone.
Near Protocol (NEAR) Current Statistics
The current price: $6.887
Market Capitalization: $7,350,000,000
Trading Volume:$461,030,000
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