The dome-shaped reversal from the $17.8 resistance tumbled the Near Protocol(NEAR) price by $41.5%, bringing it to the 0.789 Fibonacci retracement level. The buyers showed strong interest in this discounted price, resulting in a 13% price jump on May 1st. However, the buyers may struggle to surpass the multiply resistance levels aligned at the $14 mark.
Key points:
- The NEAR price lost 43.7% within a fortnight
- The NEAR price regain the 200-day EMA
- The intraday trading volume in the NEAR is $1.78 Billion, indicating a 44% hike.
Source- Tradingview
The Near Protocol(NEAR) has witnessed a significant correction in the past two weeks, which plunged the coin to 0.786 FIB level($10). The altcoin turned down from the $18 resistance and breached some important supports such as $15, $13.5, and $11.2, registering a 43.7% fall.
However, the NEAR price experienced a significant inflow today and rebounded from $10 support. The bullish engulfing candle reflected a 13% price jump and retested the shared flipped resistance of $12 and 200-day EMA.
If sellers sustain the NEAR price below the $12 mark, the altcoin may retest the $10 support and even try to drop below it.
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However, daily closing above the $12 resistance would drive the NEAR price to a confluence of technical resistance at $14. This resistance level consists of 0.5 FIB level, 50-day EMA and 100-day EMA, mounting a strong barrier against buyers.
Therefore, surpassing the $14 resistance will require strong bullish momentum.
Technical indicator
The recent correction has breached the EMA support of 20, 50, 100, and recently 200-day. However, the buyers have reclaimed the 200-day EMA with a sudden price jump, bolstering the recovery rally to hit the $14 mark.
The daily-RSI slope barely tagged the oversold region on April 30th and reverted immediately. The RSI value currently at 38% reflects a negative sentiment among traders.
- Resistance levels- $13.5, $15.1
- Support levels-$, $10 and $8.2
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