NEAR Price Analysis: NEAR Price Fell By 20%, What To Expect?

• 1 NEAR price is currently trading at $1.194 with a 59% drop in the 24-hour trading volume.
• 2 NEAR price is down by 26% in the last 7 days.
• 3 The NEAR price may see a positive turnabout in the near future.

NEAR price is presently following the majority of the market. The major cryptocurrencies are seeing a sharp decline of 5-7% and this seems to be impacting the overall market. However, NEAR is currently trading near an important support level which may encourage buyers to step into action.

The Bulls have made several attempts to maintain the price above the support level but without any success. The price of NEAR recently saw a fall of 22% within a short period, and It currently displays a bearish red candle which suggests that there is a strong presence of buyers in the market.

Currently, the price is trading close to a historically established support zone when looking at daily time frames. If investors show their support at the current price level, there is a slight possibility that the price may experience a significant surge of 26% in the near future.

Presently the value of the Near token is $1.194 and it has a market cap of $1.1 Billion.

Investors Showing Bullish Optimism

Source: NEAR/USDT by TradingView

According to LunarCrush, the opinions of the Investors predict an optimistic turn. The total bullish sentiment parameter has appreciated by 9.75%, whereas the bearish sentiments have plunged by -43.9% backing up the investor’s view.

The 24-hour trading volume has appreciated by 59%, indicating that there is an increase in the buying and selling activity among investors.

Technical Analysis of NEAR Price

Source: NEAR/USDT by TradingView

The RSI line is presently trading near an extremely oversold level following rejection from 14 SMA. The RSI line is moving near 22.33 points and the 14 SMA is providing resistance to it at around 34.69 points.

Momentarily, the %K line in Stochastic RSI is striking over the %D line near demand. Stochastic RSI may soon intercept above the 20 RSI points suggesting a turn towards a bullish trend.

Conclusion

The price of NEAR is currently moving below the major EMA and MA levels. The oscillators are currently indicating movement towards the demand zone. However, investors’ sentiments regarding the NEAR price are currently in the fear zone. On a positive note, LunarCrush suggests that there is a potential for a positive reversal in the near future.

Technical levels

Support – $1.100 and $1.000

Resistance – $1.500 and $2.000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.