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On June 26th, the Near Protocol (NEAR) price faced another reversal from the descending trendline of the falling channel pattern. The bear cycle represented in a series of consecutive red candles indicates aggressive selling in the market. Thus, the selling spear should bolster sellers to pierce the June bottom support of $3.

Key points: 

  • The NEAR chart shows a fake breakout from the 20-day EMA resistance.
  • The daily-RSI slope trending higher indicates growth in bullish sentiment.
  • The intraday trading volume in the NEAR protocol coin is $260.3 Million, indicating a 0.5% gain.

NEAR/USDT ChartSource- Tradingview

The NEAR/USDT technical chart represents its current downward approach following a falling parallel channel pattern. The last bull cycle within this pattern surged the altcoin by 45%, hitting dynamic resistance.

However, in response to the current sell-off, the NEAR price revered from the resistance trendline, indicating the continuation of the prevailing downtrend. Over the past five, the bearish reversal has tumbled price by 21%, which currently trades at $3.46.

Furthermore, the technical set-up should encourage sellers to breach the June bottom support of $3. therefore, the expected downfall could slump the NEAR price by another 28.5%, hitting the $2 psychological level.

Anyhow, it is important to note that the falling channel pattern is a bullish reversal pattern that eventually leads to an overhead trendline breakout, providing a recovery opportunity. Thus, the potential rally may shoot the coin price to $7.5 resistance.

Technical indicator

RSI indicator: Contrary to the falling price, the upswing in the RSI indicator indicates weakness in bearish momentum. This divergence supports the breakout theory for pattern completion.

Bollinger Bands indicator: The coin price showcased a failed attempt by coin buyers to sustain above the indicator’s midline, suggesting the sellers still command the overall trend.

  • Resistance levels- $4.2 and $4.7
  • Support levels- $3 and $2

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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