Golden Crossover In RSI; NEAR Price To Hit $8 Mark Next Month?

• Near price is up 25% in 5 days after taking support on the trendline.
• The trading volume has surged by 150% in the past 24 hours.
• NEAR crossed the 200-day EMA and is heading for the 20-day EMA.

On a wider time frame, Near price has been in a bullish trend but sellers are strong in the short term. Since November, NEAR crypto price has been in a bullish trend and extended to the $9 hurdle in March. The price faced resistance from the $9 mark and displayed profit booking.

NEAR declined by 35% in a month, highlighting sellers’ domination. As per the chart, $5 is a bullish zone.

RSI is at 41 and is recovering from the oversold zone. It has developed a bullish crossover with an RSI-based moving average which indicates a bullish trend. The red histograms are being converted into green and the MACD and the Signal line are recovering.

Expecting 2x Return in One Go

The chart structure displays that the Near crypto price is at the major support level of $4.50 at press time and trying to gain bullish momentum. A source on X claimed that the NEAR price is expected to gain 2x return after defending the $4.50 hurdle. On the daily time frame, the price has exceeded the 200-day EMA and is expected to extend to the $9 hurdle.

Will Near Price Defend the Major Support Level and Surprise Double Digit?

At press time, the Near crypto price was $5.40 which has surged by 3.93% in the past 24 hours. The market capitalization is $5.88 Billion and the 24-hour trading volume is $431.83 Million. The fully diluted market cap is $6.45 Billion.

Suppose the Near crypto price surpasses the 200-day EMA and trading volume supports, strong buying pressure can be seen. The price over the $6 mark may attract investors and extend to the $10 hurdle in the next few months.

Near Protocol price fell below the trendline is a bearish sign and it might attract sellers. If the price slips below the $4 mark, sellers may drag down the price to the $2.50 mark.

Conclusion

Near Protocol price has displayed a bullish trend on a longer time frame but showed weakness in the short term. The price has lost around 35% in a month and dropped to the trendline. At the time of writing, it is showing strength on the trendline and the trading volume has increased by 150% in the last 24 hours. A user on X is expecting a 2x return after exceeding the 200-day EMA with the rise in trading volume.

Technical Levels

Based on the chart, the Near Protocol crypto price is expected to face resistance from the $6.00 and $8.20 levels. The price may take support at the $5.60 and $2.50 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.