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July 19, 2024
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Near Protocol Price Analysis: Is The NEAR Price Downtrend Over? Will It Rebound Soon?

The post Near Protocol Price Analysis: Is The NEAR Price Downtrend Over? Will It Rebound Soon? appeared first on Coinpedia Fintech News

The market has recorded a significant upswing in its valuation as the cryptocurrencies are again trading under the influence of the bulls, indicating the possibility of the historic market sentiments repeating in Uptober and the month concluding on a bullish note.

NEAR price has constantly fluctuated since September, indicating a buying and selling power for the coin. Following the start of October, Near Protocol was trapped under the influence of the bears and started trading negatively. Further, the coin experienced another price dip of roughly 10%.

The coin then traded in a consolidated range for a short period, following which the price experienced another drop, resulting in the Near Protocol price testing its crucial support level of $1. Still, the bulls managed to hold the price firm, and the price was seen hovering close to the level for some time.

Near Protocol Price Analysis
TradingView: NEAR/USDT

Following the bullish weekend, the Near Protocol price gained momentum, displayed a rise in value, and formed a cup and handle pattern in its charts, indicating a high possibility of a trend reversal, which could result in the price gaining significant price movement in the coming time.

The MACD displays a constant green histogram in its chart, indicating a massive ongoing price action in the market. Further, the chart shows a rise in the averages, suggesting the price to continue gaining value this week.

If the market continues to gain momentum and push the price above its resistance zone at $1.045, the price will gain bullish momentum as the NEAR bulls will come into power and prepare the coin to test its upper resistance of $1.070 soon.

Further, if the bulls continue to gain control, the price will continue to gain value and make a run to test its resistance level at $1.105 in the coming days.

On the flip side, if the bears overpowered the bulls and the coin breaks the trend, the NEAR price is bound to test its crucial support level of $1 this week.

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