NEAR Protocol (NEAR) is sandwiched between the moving averages for the past few days. This shows that bears are selling on rallies to the 50-day SMA ($11) while bulls are buying on dips to the 20-day EMA ($10). The RSI is near the midpoint and the 20-day EMA has flattened out, indicating a status of equilibrium between the bulls and the bears. If the price rebounds off the current level and breaks above $12, it will suggest that bulls are on a comeback. The NEAR/USDT pair could then rally to $14 where it may again encounter strong resistance from the bears. Contrary to this assumption, if the price breaks and sustains below the 20-day EMA, it will suggest that the bears have the upper hand. The pair could then drop to the strong support at $8. The pair picked up bullish momentum after breaking above the downtrend line, but the relief rally is facing strong resistance at $12. The bears pulled the price below the 20-EMA, but the bulls have managed to defend the 50-SMA. If buyers push and sustain the price above the 20-EMA, the bulls will again try to clear the overhead hurdle at $12. Alternatively, if the price breaks below the 50-SMA, the selling could intensify and the pair could slide to $9.50.
NEAR protocol (NEAR) bounced off the psychological support zone at $10 to $9.50 and cleared the 20-day EMA ($12.58) hurdle on Feb. 4. The bears tried to pull the price back below the 20-day EMA on Feb. 5 but the bulls held their ground. The up-move resumed on Feb. 7 and the bulls are trying to push the price above the 50-day SMA ($14). If they manage to do that, the NEAR/USDT pair could climb to the 50% Fibonacci retracement level at $15.05 and then to the 61.8% retracement level at $16.36. The bears are likely to mount a strong defense in this zone. Conversely, if the price turns down from the current level, the bears will attempt to pull the pair below the 20-day EMA. If they manage to do that, it will suggest that bears continue to sell on rallies. The pair could then once again drop to $10. The 4-hour chart shows the formation of a symmetrical triangle, which generally acts as a continuation pattern but, in this case, has functioned as a reversal pattern. Currently, the recovery is facing stiff resistance at the 200-SMA. If the price rebounds off the 20-EMA, it will suggest that bulls are accumulating on dips. That could improve the prospects of a break above 200-SMA. If that happens, the up-move could reach the pattern target of the setup at $16.36. This positive view will invalidate in the short term if the price breaks below the 20-EMA. In such a case, the pair could drop and retest the breakout level from the triangle.
NEAR protocol (NEAR) bounced off the psychological support zone at $10 to $9.50 and cleared the 20-day EMA ($12.58) hurdle on Feb. 4. The bears tried to pull the price back below the 20-day EMA on Feb. 5 but the bulls held their ground. The up-move has resumed today and the bulls are trying to push the price above the 50-day SMA ($14). If they manage to do that, the NEAR/USDT pair could climb to the 50% Fibonacci retracement level at $15.05 and then to the 61.8% retracement level at $16.36. The bears are likely to mount a strong defense in this zone. Conversely, if the price turns down from the current level, the bears will attempt to pull the pair below the 20-day EMA. If they manage to do that, it will suggest that bears continue to sell on rallies. The pair could then once again drop to $10. The 4-hour chart shows the formation of a symmetrical triangle which generally acts as a continuation pattern but in this case, has functioned as a reversal pattern. Currently, the recovery is facing stiff resistance at the 200-SMA. If the price rebounds off the 20-EMA, it will suggest that bulls are accumulating on dips. That could improve the prospects of a break above 200-SMA. If that happens, the up-move could reach the pattern target of the setup at $16.36. This positive view will invalidate in the short term if the price breaks below the 20-EMA. In such a case, the pair could drop and retest the breakout level from the triangle.
* Crypto Rating accepts no liability for content of the NEAR Protocol reviews made by the site users. The entire responsibility for the contents rests with the authors.
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