NEAR Protocol (NEAR) is showing signs of a potential rebound following a decline in the cryptocurrency’s value by 2.87% in the past 24 hours. NEAR is testing support levels, and in the short term, it is in a bullish trend.
Investors are analyzing the cryptocurrency’s short-term trend. According to analysts, the token is likely to rise if the support holds in the coming days.
At the time of writing, the token is trading at $1.23, with a 24-hour trading volume of $339.2 million and a market capitalization of $1.60 billion, according to CoinMarketCap. The recent pullback has sparked interest among investors evaluating potential buying opportunities.
Source: CoinMarketCap
Crypto analyst, CryptoPulse pointed out that the token could potentially be creating a higher low, indicating the continuation of the trend. Indicators are also pointing in this direction, with initial indications of a bullish trend on the short-term charts.
Source: X
The token continues its bullish trend on the 4-hourly chart. Following its recent high, the price corrected to the support area near the 0.786 Fibonacci level, which is an important level for entering the market. CryptoPulse believes that holding the support area will prepare the market for the short-term target of $1.38.
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The Relative Strength Index (RSI) is currently at 54.11, which is slightly higher than the neutral level, showing a rise in buying pressure.
NEAR is currently trading above the 20-day moving average ($1.1257) and is close to the 50-day moving average ($1.2294), showing that short-term resistance levels are being maintained. The 100-day ($1.4456) and 200-day ($1.9728) moving averages are higher, showing market pressure.
Source: TradingView
The MACD indicator is giving early buy signals as the MACD line at 0.03448 is moving above the signal line at 0.02931. The histogram is also rising slightly to 0.00517, indicating an increase in buying pressure. While these figures are giving positive signals, more confirmation is required to establish a clear trend.
The support levels of NEAR are being closely monitored by investors, as the market is trying to assess if this pullback is a new opportunity for investors to buy the asset.
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