Near Protocol (NEAR/USD) Market Shows Bullish Potential As Price Nears Key Support
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Near Protocol Price Forecast – October 18
NEARUSD market shows bullish potential as the price nears key support. As soon as the support at $4.300 is hit, a notable rally beyond the recent major high right gets invalidated.
The MACD shows mixed momentum for NEARUSD, with both lines slightly above zero, signaling the potential for a bullish trend reversal after recent consolidation. The price is trading above the 9-period SMA, currently at $4.840, suggesting upward pressure. However, the MACD histogram is neutral, indicating that buyers may need more strength before fully taking control of the market.
NEAR/USD Market Key Levels:
Resistance levels: $6.490, $7.710, $8.520
Support levels: $4.300, $3.070, $2.4500
NEAR/USD – Daily Chart
The daily chart for NEARUSD shows the market is heading towards major support at $4.300.
From a price action perspective, NEARUSD recently broke through a descending trendline and tested the support level at $4.300, confirming a significant bounce. This suggests that $4.300 is a strong support zone, with the price now trading near $4.920. If the current range holds, it will likely consolidate before moving upward toward the $6.490 resistance level.
What is the short-term outlook of NEARUSD?
Given the current structure, NEARUSD is expected to continue its bullish trend after a brief pullback to test support near $4.300. If the market sustains above this area, a rally toward the $6.490 resistance level appears likely. Breaking this resistance could push the price toward higher levels, with the next potential target near $7.710.
NEAR/BTC Price Analysis
NEAR/BTC is showing a bounce from a strong support zone near 0.00006900, marked by previous demand. The ascending trendline provides additional support, and the pair has formed a bullish structure.
With MACD approaching a crossover and upward momentum building, the pair could target the 0.00009673 resistance level. A break above this level may push prices towards the next resistance at 0.00011010.
Near Protocol (NEAR) Current Statistics
Current price: $4.840
Market Capitalization: $5,910,000,000
Trading Volume: $216,600,000
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