- Near Protocol price is up almost 10% as sidelined and late traders join investors in looking for the next entry.
- NEAR could provide another buying opportunity at the 50% Fibonacci retracement level of $3.34.
- A break and close below the 50-day SMA at $3.13 would invalidate the bullish thesis.
Near Protocol (NEAR) price is trading with a bullish bias, with a sustained series of higher highs since the last week of January. With investors groping for discounted entry points, NEAR could correct before the next leg up.
Also Read: Near Protocol Price Forecast: NEAR kicks starts its 100% bounce
Near Protocol price to provide another buying opportunity
Near Protocol (NEAR) price is up almost 10% to trade for $3.73 at press time, with early profit booking already underway indicted by the Japanese red candlestick on Sunday.
With the Relative Strength Index (RSI) dropping, signifying falling momentum, Near Protocol price could drop a maximum of 10% to provide another buy opportunity around the 50% Fibonacci retracement level of $3.34.
The Moving Average Convergence Divergence (MACD) indicator remains above its signal line (orange band), with its histogram bars flashing green in positive territory, suggesting the prevalence of a bullish cycle.
NEAR/USDT 1-day chart
On the other hand, if the Near Protocol price descends below the 50-day Simple Moving Average (SMA) at $3.13, it would not only invalidate the bullish thesis, but also clear the clog for an extended fall.
The next likely support would be due to the 100-day SMA at $2.91, or in a dire case, extend to the foot of the market range at $2.06, levels last tested on December 18.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.