NEAR Protocol’s NEAR token shows stability above $2.3

NEAR Protocol’s NEAR token shows stability above $2.3

BTC failed to recover above $34,500 and it started a strong decline. There was a break below many important supports near $33,000 and $32,800. It opened the doors for more downsides below $32,000 and the price settled well below the 100 hourly simple moving average . The price even tumbled below the $30,000 level. It traded close to the $28,500 support and it is currently correcting losses.

While Bitcoin price is trading above the 23.6% Fib retracement level of the recent decline from the $32,707 high to $28,808 low, few altcoins are showing signs of recovery and promise of a fresh rally to break all-time-high . NEAR protocol is one of these altcoins. NEAR Protocol launched in Oct 2020 is a decentralized application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake ( PoS ) consensus mechanism called Nightshade, which aims to offer scalability and stable fees.

NEAR USDT Price Technical Analysis:
NEAR the native utility token used in NEAR protocol saw its recent high near $2.78 USDT price level and the price recently corrected lower. After a close above the $2.00 level from the latest decline, the NEAR protocol now has started afresh rally above the $2.30 resistance level . Though there was a break below the $2.30 support level , the bulls were active near the $2.00 and $2.18 levels.

With the fresh rally continuing, it broke above the $2. 40 level to test the 61.8% Fib retracement resistance level from the swing high to low. Given the key bullish trend forming with price trading above the $2.30 support and the 100 simple moving average (4-hours), a break above the $2.50 level indicates a possible fresh increase. In the event, if NEAR USDT price breaks above the key resistance near $2.61 or the 76.4% Fib retracement level of the downward move from the $2.78 swing high to $2.00 low, there is a likely hood for a break above $3.

Dip?
If the NEAR price fails to continue higher above $2.48, there could be a fresh decline. The first key support is near the $2.30 level and the trend line .
A successful break below the trend line support could put the $2.00 support at a risk. Any more losses may possibly call for a drop towards the $1.9 level.

Technical Indicators:

  • 4-Hours MACD – The MACD for NEAR/USD is gaining momentum in the bullish zone.
    4-Hours RSI ( Relative Strength Index ) – The RSI for NEAR/USD is still above the 50 levels.
    Major Support Levels – $2.30 and $2.00.
    Major Resistance Levels – $2.50 and $2.75.

Published at Sat, 23 Jan 2021 23:42:59 +0000

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