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As NEAR slips beneath the $5.5 zone once again, where is it headed next

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.

NEAR Protocol has been in a downtrend on the worth charts for many of April and all of Might, however the previous few days appeared to supply some hope for the bulls. NEAR noticed a powerful rally from the $4.78 help degree, as Bitcoin additionally broke out previous the $30.6k mark.

Nevertheless, Bitcoin slipped again beneath this degree, and NEAR retraced a very good chunk of its current beneficial properties as properly.

NEAR- 1 Hour Chart

NEAR Protocol slips beneath the $5.5 zone once again on the price charts, where to next?

Supply: NEAR/USDT on TradingView

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The $6.53 degree (dotted white) and the $5.5-$5.7 space (purple field) have been essential sections on the worth chart over the previous two weeks, alongside the $4.78 help degree. We are able to see that the $5.5 zone has acted as help, then resistance, and flipped over but once more as bulls and bears contested this degree.

On the time of writing, it has been damaged and will function a zone of provide on a retest. This break to the draw back got here after a wild surge to $6.5 from the $4.78 lows a few days in the past, an almost 36% transfer upward.

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The rejection at $6.5 advised that the worth has retested the previous highs, and sellers had been sturdy sufficient to drive a transfer straight downward, and beneath the $5.6 help zone. Due to this fact, it will not be stunning if NEAR slipped beneath the $4.78 degree as properly within the subsequent week or two. Alternatively, NEAR might set up a variety from $4.78 to $6.5.

Rationale

NEAR Protocol slips beneath the $5.5 zone once again on the price charts, where to next?

Supply: NEAR/USDT on TradingView

The RSI sank under impartial 50 on the hourly chart. At press time it stood at 32.8 to indicate sturdy bearish momentum. The 42 mark has been essential up to now on the RSI, and bulls would need to see the RSI climb previous this degree. The Stochastic RSI shaped a bullish crossover and was climbing, to indicate {that a} slight pullback upward might happen earlier than one other leg downward.

The OBV soared increased on Monday however subsequently got here crashing down as promoting quantity started to dominate and undo the bulls’ beneficial properties. In doing so, the OBV slipped again beneath a two-week resistance.

Conclusion

The $4.78 and the $5.5 ranges are prone to act as help and resistance over the subsequent few days, and it was potential that NEAR would set up a variety from the $4.78 lows to the $6.5 highs. Nevertheless, a drop beneath $28.5k for Bitcoin might see NEAR lose the $4.78 help degree.

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