Near Protocol (NEAR/USD) Market Shows Bullish Momentum From Strong Support And Indicator Signals
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Near Protocol Price Forecast – June 6
NEARUSD market shows bullish momentum from strong support and indicator signals. The Moving Average Convergence Divergence (MACD) indicator at the bottom of the chart is showing signs of a potential bullish crossover.
Although both lines of the MACD are currently below the zero level, the decreasing bearish momentum suggests that selling pressure is fading. Additionally, the 9-day Simple Moving Average (SMA) is positioned above the current price at $2.540, which could act as a short-term resistance. If the price breaks above this SMA level, it would confirm a bullish shift in momentum.
NEAR/USD Market Key Levels:
Resistance levels: $3.830, $5.290, $6.490
Support levels: $2.220, $1.500, $1.000
NEAR/USD – Daily Chart
The daily chart for NEAR/USD reveals a bounce off the bullish order block at $2.220 support.
Price action reveals that NEARUSD recently bounced from a critical order block (OB) zone around $2.220, a range that has acted as strong demand support. The structure also shows a clear Change of Character (CHoCH) earlier, indicating a reversal from bearish to bullish bias.
A series of higher lows forming since April further supports the bullish setup. The previous swing high at $3.090 has been invalidated, indicating a successful CHoCH.
What is the next move for NEARUSD?
Given the current technical setup, NEARUSD is projected to rally towards the next significant resistance at $3.380 in the short term, which would represent a breakout move from the current accumulation zone. If bullish momentum continues, the next upside target lies at $4.700.
On a broader timeframe, a sustained break above $4.700 could expose the $5.290 and potentially the $6.493 levels. However, a daily close below $2.220 would invalidate this bullish outlook and shift focus back to the $1.500 support region.
NEAR/BTC Price Analysis
NEARBTC remains in a bearish trend, trading below the 9-day SMA at 0.00002410 BTC. The MACD indicator shows increasing bearish momentum, with both the MACD and signal lines moving further below the zero line.
Price recently rejected from the order block around 0.00002700 BTC, confirming resistance. A breakdown below the 0.00002320 BTC support could trigger a decline toward 0.00002000 BTC.
Near Protocol (NEAR) Current Statistics
Current price: $2.440
Market Capitalization: $2,980,000,000
Trading Volume: $106.100,000
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