https://ift.tt/CEzsdHR Pressured Below $18.0; Is Upside Over?

NEAR price extends the previous session’s fall and continues to trade lower. The price opened higher near $17.64 but failed to sustain the momentum. Further, the NEAR price was retraced to test the lows of $15.90. The sellers take the center stage that pulled the asset to the lower side.

• NEAR price fell for the second consecutive session on Thursday.
• The digital currency sustains above the strong support of $14.70 on the daily chart.
• However, a rejection near $18.0 fuels the prospects of an upcoming range-bound session.

NEAR price enters into a consolidation

On the daily chart, the NEAR price rallied nearly 140% since the record lows made in February near $7.39. The ascending trend line from the mentioned lows acts as strong support for the bulls. A bullish reversal candle was made on Monday with the heavy buying volume, which supported the upward momentum.

However, the upside momentum faces rejection near the horizontal resistance level around $18.0. A renewed selling pressure could further drag the price to test the bullish slopping line at $14.65.

A break below the trend line would amplify the selling pressure toward the 50-day simple moving average (SMA) at $13.29.

While things look pessimistic for NEAR, a spike in the buying orders could reverse the prevailing trend. The price would jump back to recapture the previous day’s high of $17.81.

The Relative Strength Index (RSI) is trading near 52. The indicator gives a bearish divergence with the price indicating further fall.

The On-balance Volume (OBV) indicates the supply side pressure as the price is retraced. The volumes started declining on April 13.

As of press time, NEAR/USD reads at $15.64 with a loss of 5.34% for the day.