Amid the recent volatility in the altcoin market, the Near Protocol shows a bearish reversal gaining momentum. With a bearish engulfing candle turning the tides, crucial supports are at risk.
Will the bearish cycle in this altcoin result in a crash below $4 for an extended crash? Find out more about our NEAR price analysis.
NEAR Price Performance
With a market cap of $5.57 billion, the Near Protocol token is trading at $4.59. In the past 24 hours, the NEAR token price has declined by 6.03%, resulting in a drop in 7-day growth to 1.70%.
Currently, the bear cycle within the NEAR token price trend is testing a crucial support trend line. The support trend line completes a symmetrical triangle pattern in the daily chart.
Furthermore, the bearish engulfing candle formed yesterday with a drop of 5.93% breaks below the 50-day EMA. However, the doji candle formation near the support trendline teases a potential comeback with a morning star pattern in the Near protocol.
Technical indicator:
RSI: The declining RSI line reveals a bearish divergence at play, increasing the chances of a downfall below the support trend line.
EMA: Despite a bearish alignment, the 50D and 200D EMA teased a golden crossover. However, the recent crash limits the possibility of a golden crossover.
Will The NEAR Token Price Drop Below $4?
Currently, the Near Protocol token price is trading below the 23.60% Fibonacci level and closing in on the 4.310 support zone. In case of a bearish breakdown, the crucial support levels for the NEAR token are present at the $4.00 psychological mark and $3.50 support level.
On the upside, the bullish reversal will have to face off against the overhead trend line near the psychological mark of $5.00.
Curious if a bullish reversal in NEAR token price will reclaim $10? Check out Coinpedia’s NEAR price prediction from 2024 to 2025 to find the next reversal spot.
