the long-term trend appears bearish, posing challenges for NEAR
The daily chart for NEAR Protocol reveals a declining channel pattern, with the price fluctuating between the upper and lower boundaries.
NEAR's price remained range-bound throughout August, with $3.25 as support and $5 as resistance.
On the upside, there is potential for the price to reach the $7.5 level, which marks the channel’s upper boundary. But this would require a breakout above the psychological $5 level.
Currently, the long-term trend appears bearish, posing challenges for NEAR bulls. The price is trading below key Exponential Moving Averages (20, 50, and 200 days), indicating a weak trend and more favourable conditions for sellers.
If the price falls below the $3.25 level, it could signal a continuation of the bearish trend, potentially dragging the price down up to or beneath $3.
The RSI and the 14-day SMA are flat and below the mean line, suggesting a neutral to bearish short-term outlook. MACD is below the zero line, with a narrow histogram of 0.015, further indicating a bearish sentiment.
NEAR's price remained range-bound throughout August, with $3.25 as support and $5 as resistance.
On the upside, there is potential for the price to reach the $7.5 level, which marks the channel’s upper boundary. But this would require a breakout above the psychological $5 level.
Currently, the long-term trend appears bearish, posing challenges for NEAR bulls. The price is trading below key Exponential Moving Averages (20, 50, and 200 days), indicating a weak trend and more favourable conditions for sellers.
If the price falls below the $3.25 level, it could signal a continuation of the bearish trend, potentially dragging the price down up to or beneath $3.
The RSI and the 14-day SMA are flat and below the mean line, suggesting a neutral to bearish short-term outlook. MACD is below the zero line, with a narrow histogram of 0.015, further indicating a bearish sentiment.
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