Near Protocol (NEAR/USD) Market Seems Poised For Continued Bearishness
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Near Protocol Price Forecast – August 30
The NEARUSD market seems poised for continued bearishness.
The Moving Average (MA) on the NEAR/USD chart is currently positioned around $4.5450, signaling a downtrend as the price has crossed below it. The MACD histogram shows a growing bearish momentum, with the MACD line crossing below the signal line. This crossover indicates an increase in selling pressure, further confirmed by the red candles that have formed below the major trendline.
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 bearish trend might continue as the price approaches the major trendline.
The price action on the chart indicates that NEARUSD has tested the major descending trendline, which acted as strong resistance around the $5.1310 level. Upon touching this trendline, a sharp downward reversal ensued, which confirmed the bearish momentum.
A Break of Structure (BOS) could occur around the $4.0540 level if the downturn continues, solidifying the bearish trend. The support at $3.4500 might hold briefly before further downward movement, especially if the anticipated lower high forms near the trendline.
Where is the NEARUSD price likely to head?
Looking forward, NEARUSD is projected to resume its bearishness after the price hits the major trendline. The next significant support level to watch is $3.450, with a potential drop towards $2.450 in the longer term.
The trendline rejection and overall bearish structure imply that any rallies might be short-lived. The bears are likely to dominate the market until these lower targets are met.
NEAR/BTC Price Analysis
The NEAR/BTC pair is currently trading below a long-term descending trendline, which has acted as strong resistance since May. A successful rejection at the Breaker Block in the premium zone could see the pair fall toward the next significant support at 0.00005690. If bullish momentum builds, a breakout above the 0.00009670 resistance level could invalidate the bearish outlook, leading to a potential rally toward 0.00012680.
Near Protocol (NEAR) Current Statistics
Current price: $4.1120
Market Capitalization: $4,770,000,000
Trading Volume: $211,060,000
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