- NEAR’s price is struggling to hold above the key resistance as price trends could break the downtrend if the wedge price falls.
- NEAR continues to struggle as price holds on to resistance to retake the region.
- NEAR’s price continues a downtrend move in a descending wedge as the price might surprise below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.
For the past few weeks, Near Protocol (NEAR) price has looked like the price has lost its strength to rally against Tether (USDT) as the price remains in a range bound move with little or no volume to recover. Despite the uncertainty that has hit the crypto market over the past few weeks as the price of Bitcoin (BTC) and other crypto assets like Ethereum (ETH) has seen a slight setback in their price action, NEAR’s price has shown little to no volatility in its price action as many fear if NEAR can reclaim the key support at $3. (Binance data)
Near Protocol (NEAR) price analysis on the weekly chart.
The bear market has not been good and favorable for most projects as this has been a tough time as most projects have seen prices drop over 50% and has discouraged most traders and investors from holding these assets.
Despite tremendous support from great partnerships and a huge community that is continually building and growing, NEAR’s price hasn’t fully reflected this great development.
Earlier in the year, the NEAR protocol saw some great price moves as the price surged from a low of $3 to a high of $19, but the price failed to move higher as many hit a new all-time high for the NEAR -price expected .
After NEAR price rallied to a high of $19, the price faced resistance to an upward move as the price fell further from its range high to a weekly low of $2.9.
The price of NEAR bounced from this region from $2.9 to a high of $6 to break out of this downtrend, but the price failed and has been maintaining a downtrend for some time.
Weekly resistance for the price of NEAR – $3.7.
Weekly support priced at NEAR – $2.
Price analysis of NEAR on the daily chart (1D).
Daily NEAR price chart | Source: NEARUSDT On Tradingview.com
On the daily time frame, NEAR’s price continued to struggle as the price action was in a descending wedge in a range bound move.
Although NEAR price shed its key support at $3, this region was an important point for NEAR price to bounce off to try to recover. Haven has lost this region and NEAR’s price continues to trade in a descending wedge with a possible breakout.
If the price of NEAR breaks out of the wedge, we could see the price reclaim key support, but if the price fails, we could see the price retest the $2.
Daily resistance for NEAR price – $3.7.
Daily support for NEAR price – $2.5-$2.
Featured image From themarketperiodical, charts from Tradingview
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