Connect with us
Active Currencies 14739
Market Cap $2,551,131,363,846.72
Bitcoin Share 51.56%
24h Market Cap Change $-4.25

NEAR under sell pressure – Buying opportunities may be found at these levels

2min Read

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • Price action was below short and mid-term trend
  • The exchange long/short ratio gave sellers slight leverage at press time

Near Protocol [NEAR], like a majority of the crypto-market, has been in a consolidation phase for the past few days. Interestingly, NEAR’s price action dominated the lower range of $1.800 – $1.996. Additionally, price action was below the short and mid-term trend, underscoring the increased sell pressure. 


Is your portfolio green? Check NEAR Profit Calculator


Meanwhile, Bitcoin [BTC] consolidated within the $26.8K – $28.8K. There has been a renewed higher-for-longer Fed rates narrative after taming the U.S banking crisis. This could delay BTC from breaching above its range. 

Price action below short and mid-term trend

Source: NEAR/USDT on TradingView

Since mid-March, NEAR has oscillated between $1.800 and $2.000, chalking a parallel channel pattern. However, over the past few days, the price action has predominantly been constricted to the lower range of $1.800 – $1.996 and faced rejection below the 50 MA of $2.110. 

A close below the channel’s mid-level of $1.996 could attract more downward pressure on NEAR’s price. As such, NEAR could drop to the channel’s lower boundary of $1.800 or extend to the low liquidity area below it before attempting a likely rebound. 

The move could offer potential buying opportunities at $1.800 if price action retests the support or the low liquidity area. A pullback retest on $1.800 or a double bottom formation, which confirms an uptrend or bearish trend reversal, could make trade condition for a long position. 

The entry-level would be $1.800, with the primary and secondary targets at $1.996 and $2.000, respectively. The stop loss would be at the low liquidity zone of $1.695.  

A daily close above 50 MA  ($2.110) will invalidate the aforementioned thesis. Such a move could set NEAR to directly hit the upper boundary of $2.000. A close above $2 could improve NEAR’s chances of targeting its 200 EMA level of $2.7. 

At press time, the RSI had crossed above the equilibrium level but retraced, showing the market was neutral. However, the accumulation/ distribution increased, indicating significant accumulation happened over the past few days.

Shorts dominated the overall exchange long/short ratio

Source: Coinglass

According to Coinglass, short-sellers had slight leverage in the mid-term as short positions were higher than long positions. It implied a bearish outlook for the asset in the mid-term. 


Read Near Protocol [NEAR] Price Prediction 2023-24


However, funding rates’ history showed positive funding for the NEAR/USDT pair across most exchanges since the start of April. The aforementioned conflicting metrics call for caution and tracking BTC’s movement for more informed trades. 

Source: Coinglass

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.