- Near Protocol price retested its support zone between $4.23 and $4.48, impending rally eyed.
- RSI and AO indicators form bullish divergences, signaling bullish reversal.
- Daily candlestick close below $4.04 would invalidate the bullish thesis.
Near Protocol (NEAR) has retested its support zone between $4.23 and $4.48 earlier this week, with an impending rally on the horizon looking more like on Friday. Bullish divergence on the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators signals a potential reversal and upward movement in NEAR price in the coming days.
Near Protocol price is situated for rally
Near Protocol price retested its support zone between $4.23 and $4.48 on Monday and rebounded 10% in the next few days. As of Friday, it is up 1.4% at $5.
This support zone roughly coincides with the 61.8% Fibonacci retracement level at $4.04, measured from its swing low of $0.97 on October 19, 2023, to a swing high of $9.01 on March 15, 2024.
Additionally, the formation of a lower low on the daily chart on July 5 contrasts with the Relative Strength Index (RSI) indicator’s higher high during the same period. This development is termed a bullish divergence and often leads to the reversal of the trend or a short-term rally.
If this support holds, NEAR could rally roughly 14% from the current level of $5 to $5.74, the previous weekly resistance.
If the bulls are aggressive, the overall crypto outlook is positive and NEAR closes above $5.74. It could extend an additional 10% rally to its daily resistance level at $6.36.
NEAR/USDT daily chart
However, if NEAR's daily candlestick closes below $4.04 and establishes a lower low on the daily timeframe, it may signal a shift in market dynamics that favors bearish sentiment. Such a change could nullify the bullish outlook, leading to a 10% crash in NEAR’s price to retest the low of March 5 at $3.55.
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