NEAR Technical Analysis: Is NEAR Headed Towards a Bullish Period?
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We are here yet again to enlighten you on news and price predictions from the Crypto community!!
And today we are going to present to you a technical analysis video on the NEAR token.
NEAR is a decentralized application that allows applications to be used on the web. It runs on a Proof-Of-Stake (POS) mechanism that is called Nightshade. NEAR token can be used to pay fees for transactions and store data.
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NEAR has been accumulating since March 2021. It gave a breakout on 8th September by making a 43% daily green candle.
If institutional buyers keep showing their faith in the NEAR token, it will reach newer highs.
NEAR was trading at $8.87 at the time of making this video. Although the price has witnessed a slight fall from the opening price, the market looks bullish overall.
The MACD and signal lines are in the positive zone. However, there has been a bearish crossover by the MACD line over the signal line, thereby creating a bearish market momentum.
This can lead to a price pullback on the daily level.
Since the RSI indicator has fallen from the resistance level of 68% to 60%, a high buying pressure could be expected in the market. This can cause a price rise.
The price has tested and fallen below the Fibonacci pivot point of $10.42. As some oscillators have shown bearish signals, the price could be expected to fall and test the first Fibonacci pivot support level of $8.05.
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