Near Protocol (NEAR/USD) Market Remains Bearish on the Long Term
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Near Protocol Price Forecast – July 5
The NEARUSD market remains bearish in the long term. Despite the indication of the RSI (Relative Strength Index) about the market’s oversold state, the market’s overall trend remains bearish. However, a short-term retracement to the upside is imminent.
The Moving Average (MA) Cross (9, 21) indicates downward momentum as the shorter-term moving average (9-day) is below the longer-term moving average (21-day), reflecting a selling pressure. The Relative Strength Index (RSI) is currently at 36.93, which is close to the oversold territory (below 30), indicating that the bearish momentum could continue but also suggesting a potential for a short-term rebound if NEARUSD becomes oversold.
NEAR/USD Market Key Levels:
Resistance levels: $7.660, $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 direction of the market is still bearish.
The daily chart shows a clear breakdown of the recent support levels. After reaching a high of $9.000, NEARUSD has been on a consistent downtrend, breaking through various support levels. The price recently broke below $5.500 support and created a new low at $4.450, which is marked as a Break of Structure (BOS).
BOS technically indicates a significant shift in market sentiment from either bullish to bearish or vice versa. Additionally, there is a Change of Character (CHoCH) observed, which further supports the bearish outlook.
Where is the NEARUSD price likely to head in the longer term?
Looking ahead, the projection for NEARUSD remains bearish. Given the current trend and momentum indicators, the price is likely to continue its downward movement. The next significant support level is around $4.300, and if the price breaks below this, it could head towards the next support at $3.450.
NEAR/BTC Price Analysis
The projection for NEARUSD suggests further downside movement in the long term. In an extremely bearish scenario, NEARUSD could test the 0.00005870 level. Overall, the bearish trend is likely to persist unless there is a significant change in market conditions that could drive a reversal.
Near Protocol (NEAR) Current Statistics
Current price: $4.810
Market Capitalization: $4,900,000,000
Trading Volume: $524,610,000
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