NEAR Price Could Drop To $3 If This Bearish Pattern Continues
07 Septembre 2022 - 06:35PM
NEWSBTC
Since its launch in October 2020, the NEAR token has endured
adversity. With the current market at one of its lowest point in
history, NEAR could become a bit flaky. A number of analysts
forecast an entirely bearish future for the token. The coin has
oscillated near the $3.75 support line and even attempted to escape
the bearish market. The coin attempted to break out of its more
recent low of $4.16 with a rally to $4.51, according to data from
Coingecko. This upswing is one of the most recent bullish attempts
to overcome the $4.44 resistance. Related Reading: Elrond Network
Watch: Consider This Before Filling Up Your Wallet With EGLD NEAR
Price Hounded By Massive Sell-Off A $4.4 long-rejection candle
supports the completion of the previously described bearish
pattern. With continued selling, the NEAR price will fall 7% to
breach the $3.75 support level. The price of NEAR token has
decreased by almost 90 percent from its recent high of $4.51
to its current price of $4.02. Also, the coin experienced a massive
liquidation between $4.18 and $4.02. This can be interpreted
as Wednesday’s sudden surge in trading volume. Even though the
market has been extremely bearish recently, the coin’s future may
still be favorable. Contrarily, if the NEAR price recovers from the
$3.75 level, that could indicate buyers are active at this price
and the market is setting up for another attempt to break through
the $4.75 resistance. Crypto Can Still Break Impasse In light of
the fact that the coin’s value has recently increased, this
interpretation may be correct. The market’s reaction seemed
counterintuitive to the developing situation. The coin is still
oscillating in the $4.11 spectrum, far above the support line at
$3.75. The current sell pressure in the market may be partially
counteracted by the recent surge in trading volume and subsequent
price stability. Recent trader behavior suggests that NEAR’s
full potential is still within reach. Meanwhile, bearish
market sentiment will give NEAR’s investors and traders another
chance to try and break the impasse at some point in the future.
Related Reading: Litecoin (LTC) Near-Term Route Could Be Determined
By This Factor NEAR total market cap at $3.09 billion on the daily
chart | Source: TradingView.com Featured image from Telegaon, chart
from TradingView.com
NEAR Protocol (COIN:NEARUSD)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
NEAR Protocol (COIN:NEARUSD)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024