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.

 

But before we get started with the video, we want to thank you for the support you guys have shown towards our channel!!

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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