NEAR Technical Analysis: With a Buoyant Week NEAR Is Trading at $2.32

Near is an open-source blockchain project that facilitates developers, community members, and markets to create a robust, interconnected, consumer-centric world. It allows users to develop innovative apps that are 100% user-owned. Easy onboarding, high scalability, high speed, and cost-efficiency are other striking features of this ecosystem. NEAR is the prime governance token of this network. Let us follow the technical analysis of NEAR for today.

Past Performance

On Jul 23, 2021, NEAR opened at $1.94.  On Jul 29, 2021, NEAR closed at $2.25. Thus, in the past week, the NEAR price has increased by roughly 16%. In the last 24 hours, NEAR has traded between $2.20-$2.35. NEAR can be described as a “base-layer” blockchain, which means it is the foundation upon which other applications are built and deployed, thus, its driver is the adoption of its protocol by various other cryptocurrencies.

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Day-Ahead and Tomorrow

Currently, NEAR is trading at $2.32. The price has increased from the day’s opening price of $2.25. Thus, the market seems bullish. It has been moving up steadily since the past week from $1.19 to the current pricing.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish. Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 51%. It faced rejection at 42% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the price.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may go up further.

In short, the RSI and OBV oscillators have given bullish signals, while the MACD oscillator has given bearish signals. We have to wait and watch if the intermittent price pullbacks are a market correction or the beginning of a bearish trend.

Also, traders need to keep in mind that this buoyancy has come in  NEAR due to its listing on BitMart on July 22, 2021.

NEAR Technical Analysis

Currently, the price is above the Fibonacci pivot point of $2.27. The price may soon break out of the first resistance level of $2.32. After that, we have to wait and watch if the price continues to rise or starts falling.

The price has tested and risen above the 38.2% FIB retracement level of $2.29. It may soon break out of the 23.6% FIB retracement level of $2.31. By day end, if the price retests and falls below these levels, the price downtrend is strong enough to sustain till tomorrow.