RSI Divergence Hints NEAR Holders May Lose $15.2 Support
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The Near protocol(NEAR) price has been resonating in a definite range for the past three weeks. The increasing underlying bearishness in the coin teases the coin price may breach $15.2 support. However, a genuine breakout beyond the range limit will be the deciding factor.Key points:
- The daily-RSI chart displays an evident bearish divergence
- The intraday trading volume in the NEAR is $1.4 Billion, indicating a 40% hike.
Source- Tradingview
The NEAR/USDT pair witnessed a significant rally from end-March to early April, which pumped the price to $17.6. However, the uncertainty and recent sell-off in the crypto have prevented the buyers from surpassing the $17.6 resistance,
Furthermore, it’s worth noting that the NEAR price sustained above the $15.2 support amid the largest cryptocurrency, Bitcoin losing its $40000 support. Therefore, the coin price has been wavering between the $17.6 and $15.2 level for the past three weeks, forming a definite range.
On April 20th, the NEAR price turned down from the overhead resistance($17.36) and plunged back to $15.2 support, threatening a bearish breakdown. If the sellers break this bottom support, the altcoin will descend 12.8% towards the next significant support, $13.5.
Having said that, until the breakdown is not achieved, the possibility of overhead resistance breakout remains intact. If buyers manage to breach the $17.6 resistance, the NEAR price will surge 17% to reach the All-Time High mark at $20.42.
Technical Indicator
A lower high formation for the ever retests the price gave at $17.6 reflects an evident RSI bearish divergence. This divergence suggests the traders are losing upside momentum, encouraging a $15.2 breakdown.
The NEAR buyers lost 20 DMA support to the recent reversal. However, a bullish sequence among crucial EMAs and the 50 and 100 DMA aligned with $13.5 support mounts a strong defense for buyers.
- Resistance levels- $17.6, $20.4
- Support levels-$15.2, $13.5-13.3
Disclaimer
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.
About Author
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
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