https://ift.tt/UfiFKSb Pressured Below $600 Amid Selling Momentum

NEAR price manages to print gains but failed to sustain near higher levels. The price witnessed handsome gains over the past two weeks after bottoming out near the $23,000 support zone. However, after testing the 2022 yearly highs at $660 the price was retraced in the recent price action.

• NEAR price trades with a positive bias but retraces from higher levels.
• A break below the 50-day EMA on the 4-hour chart would amplify the selling towards $520.
• The momentum oscillators remain neutral warning of aggressive bids.

NEAR price moves downside

NEAR price set a range extending from 580 to 520 after being rejected at swing highs. The price created a swing low near $510 on April 5 and rallied 3-$ to be rejected by a resistance barrier at $0.89. Since then NEAR has swept below $560.

On the 4-hour chart, the price remains pressured near the ascending trend line from the highs of $660. Further, the formation of a ‘Doji’ candlestick resulted in a quick retracement in the price.

Now, a break below immediate support placed at the 50-day EMA (Exponential Moving Average) at $555 then it could intensify the selling toward the horizontal support zone at $530.

Intense selling pressure could further drag the price toward the low of April 1 at $423.

On the flip side, if the price manages to hold support around $533.0, then a bounce back is expected toward the psychological $600 level.

The price surged nearly 170% from the lows of $243 made on February 24.

As of press time, NEAR/USD trades at $565.89, up 0.71% for the day.

Technical indicators:

MACD: The moving average convergence divergence made a turn toward the midline with a neutral stance.

Stochastic oscillator: The indicator turns toward the oversold zone, but still the market is far from overcooling.