Near Protocol (NEAR/USD) Market Shows Bullish Momentum Driven By Price Action Indicators
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Near Protocol Price Forecast – December 7
NEARUSD market shows bullish momentum driven by price action indicators. A bullish order block lies at the discount zone, likely to resist price against any selling pressure.
The 9-period SMA on the daily chart shows a clear upward trajectory, signifying strong bullish momentum in the NEAR/USD market. The MACD (Moving Average Convergence Divergence) histogram supports this bias, as it remains in positive territory with the signal line above the zero level, indicating sustained upward pressure. These indicators collectively confirm the dominance of buyers and a continuation of the bullish trend.
NEAR/USD Market Key Levels:
Resistance levels: $7.710, $8.520, $10.000
Support levels: $6.490, $4.300, $3.070
NEAR/USD – Daily Chart
The daily chart for NEARUSD shows that the market’s overall trend is still strongly bullish.
The price has broken past the critical resistance level of $6.490, turning this zone into a new support level. A bullish order block (OB) around $7.410 to $7.700 further reinforces demand in this zone.
NEARUSD is forming higher highs and higher lows, showcasing a robust bullish structure, with $8.520 currently acting as the immediate resistance. The breakout above prior consolidations highlights buyers’ commitment to maintaining control.
What is the outlook of NEARUSD?
If NEARUSD sustains above the $7.700 support zone, it is likely to challenge the next key resistance at $8.520. A break above this level could propel the price towards $10.000, which is a significant psychological target for buyers. However, any retracement toward $7.410 could present a buying opportunity, with the broader outlook remaining bullish as long as the price stays above $6.490.
NEAR/BTC Price Analysis
NEARBTC has broken out of its downtrend, confirming a shift in momentum as the price now trades above the 9-period SMA. The market is showing signs of an impending retracement toward the bullish order block (OB) between 0.00006170 and 0.00006480 BTC.
A strong bounce from this support zone could lead to a continuation of the bullish trend, targeting resistance levels at 0.00008990 BTC and 0.00009860 BTC. Sustained buying pressure could push the price toward 0.00011010 BTC in the longer term, aligning with the bullish outlook.
Near Protocol (NEAR) Current Statistics
Current price: $7.780
Market Capitalization:$9,520,000,000
Trading Volume: $882,230,000
Place winning NEAR/USD trades with us. Get NEAR here
