<em><strong>The NEAR price action shows a bullish reversal, gradually gaining momentum, ready to break above $45. Should you consider an early bullish entry?</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The Near Protocol price has dropped by 14% in the last week.</li>
 	<li>The market price sustains above the psychological mark of $5.</li>
 	<li>With a market cap of $3.93 billion, the intraday trading volume of Near Protocol has increased by 5.43% to reach $345 million.</li>
</ul>
<h3>Past Performance of NEAR</h3>
The <a href="https://www.cryptoknowmics.com/news/an-introduction-to-the-near-protocol-what-is-it-and-how-does-it-work/" target="_blank" rel="noopener">Near Protocol</a> (NEAR) price failed to sustain above the $5.69 support level and the 100-day EMA, resulting in a bearish reversal. Over the last week, the prices have dropped from $6.0 to $5.0 without a single bullish candle. Furthermore, the declining price trend breaks the rounding bottom pattern possibility and tests the 50-day EMA.

<img src="https://s3.tradingview.com/snapshots/j/j0kNCfxy.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/j0kNCfxy/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>NEAR Technical Analysis</h2>
The NEAR price action displays a bullish candle forming at the psychological mark of $5 and avoiding a downtrend below the 50-day EMA. Hence the possibility of a bullish reversal to re-challenge the overhead resistance at $6.0 remains significant.

Despite the bearish alignment and the bullish failure to sustain above the 100-day EMA, the market price takes support at the 50-day EMA.

The daily RSI slope displays a minor bullish reversal from the halfway line after dropping below the 14-day SMA. Moreover, the MACD indicator signals a rise in selling pressure as the bearish histograms intensify with the recent crossover event in the fast and slow lines. Hence the technical indicators oppose the possibility of a bullish reversal and project a potential downtrend continuation.

In a nutshell, the NEAR Technical Analysis projects the possibility of a drop below the 50-day EMA.
<h2>Upcoming Trend</h2>
NEAR prices can take a bullish reversal to the $6.0 mark if it sustains above the 50-day EMA. However, a bullish failure might lead to a price drop below the $4.75 mark to retest the $3.5 crucial support level.

Resistance Levels: $6 and $8

Support Levels: $4.75 and $3.5

NEAR Technical Analysis: Failed Bullish Pattern Teases A Drop To $3.5

The NEAR technical analysis shows a bullish reversal, gradually gaining momentum, ready to break above $45. Should you consider an early bullish entry?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

NEAR Technical Analysis: Failed Bullish Pattern Teases A Drop To $3.5

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