NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume
September 14 2022 - 8:12AM
NEWSBTC
NEAR Protocol is looking bullish as it darts past the $4.7 support
zone. NEAR’s bullish momentum appears to wane Price exhibits low
trading volume NEAR price trading at $4.51 However, judging by the
price movement, it looks like the bull’s luck may be running out.
On the other hand, NEAR’s trading volume appears to be diminished
or low even if the altcoin has amassed roughly 35% gains in that
same period. So, does this mean a faltering demand for NEAR? From a
long-term perspective, NEAR’s resistance and support levels could
be anywhere near the $3.7, $4.5, and $6.8 levels; respectively.
Originally, the $6.8 zone acted as a support zone in May however
the selling pressure has been too overwhelming to control. This
level was again retested late in May, but with no luck. Related
Reading: Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance
$6 Level Posing Hurdles To NEAR Price In the coming weeks, it’s
more likely that the $6 level would hoist some hurdle to the price.
More so, the $4.7 area is another critical support level as this
zone has been pivotal on the daily chart since June and July. While
breaching this zone was phenomenal for NEAR protocol, August was
rather unkind with a reversal and a seismic price crash. NEAR’s RSI
has been pushed above the neutral 50 zones following a rejection
experienced last month. Despite the bullish movement, buying
pressure has weakened. More so, the OBV also remained sluggish with
unfortunately no new highs formed. Now, if the OBV can successfully
breach and surpass its high registered in August, then this would
validate the strong demand for NEAR Protocol. Additionally, the
Chaikin Money Flow or CMF has also barreled past +0.05 revealing
NEAR’s huge capital flow. More Buying Activity Needed Overall,
technical indicators show some bullish movements and intense buying
activity but may not be enough to validate a move that overshadows
the $6.8 zone. According to CoinMarketCap, the NEAR price has
slumped by 9.05% or trading at $4.51 as of this writing. The
current stats have been optimistic and are quite the opposite of
NEAR’s remarkable performance over the past few days where the
altcoin has registered an uptick of 9.5%. Trading volume is seen to
have increased by as much as 36% compared to its slow movement last
week. Related Reading: Terra Dries Up As LUNA Sheds 40% From Recent
High NEAR total market cap at $3.36 billion on the daily chart |
Source: TradingView.com Featured image from The Market Periodical,
Chart: TradingView.com
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