TA: Near Protocol Struggles To Break Out Despite Relief Bounce
Despite the relief bounce across the crypto market with the likes of BTC, ETH, and OP, surging high, Near Protocol has struggled to break out. Near is one of the many blockchain solutions with good use cases trying to provide solutions to Ethereum scalability, bridging, and contributing to the DeFi space. Near has struggled to break above its ranging channel despite being a favored coin in the crypto space. NEAR Weekly Chart After reaching its All time high (ATH) of $20.1 in January 2022, Near had struggled with its downtrend when the market became bearish, with major coins falling by 80%. Near its ATH of $20.15, it has fallen by over 75% to a region of $3.0. As of writing, NEAR is trading at $4.2, close to a major resistance before it breaks to the upside. The weekly chart for NEAR shows it is facing major resistance of $4.73 after a reversal from the low of $3.0 Breaking out of this resistance would send the price of NEAR to a region of $6.4 – $7 Weekly resistance – $4.73 Weekly support – $3.0 ATH – $20.1 Daily Chart Analysis Of NEAR Major support level on the daily chart (1D) – $3, $1.8 Major resistance on the daily chart (1D) – $4.72 NEAR on the daily chart shows not much buying or selling activity, just in a range or channel that needs to be broken to the upside or downside. The volume on the 1D chart shows less buying and selling with the relative strength index (RSI) above the 50 mark area. If the bulls can step in and push NEAR to the upside, then the range at which NEAR is trading will be broken, sending the price to $6.0 If the price of Near is broken to the downside by bears, $3 – $2.8 are acting as strong support that has held NEAR throughout the downtrend and can be seen as a major support area. For investors applying a dollar cost average strategy, this could be a good accumulation level. Dollar Cost averaging is a strategy employed to buy crypto assets with a sum of money in bits over time or a strategy used to buy crypto assets at market levels as the assets make reversals. NEAR Price On The 4H Chart On the 4H chart, NEAR looks similar to the chart on the 1D timeframe, just ranging and trying to break above the resistance region. NEAR, in general, looks good based on a fundamental crypto market analysis. With current market conditions, it will be worth accumulating for the bull run as it has so much potential for the upside.
