NEAR Technical Analysis: Failed Bullish Pattern Teases A Drop To $3.5

The NEAR price action shows a bullish reversal, gradually gaining momentum, ready to break above $45. Should you consider an early bullish entry? Key Technical Points: The Near Protocol price has dropped by 14% in the last week. The market price sustains above the psychological mark of $5. With a market cap of $3.93 billion, the intraday trading volume of Near Protocol has increased by 5.43% to reach $345 million. Past Performance of NEAR The Near Protocol (NEAR) price failed to sustain above the $5.69 support level and the 100-day EMA, resulting in a bearish reversal. Over the last week, the prices have dropped from $6.0 to $5.0 without a single bullish candle. Furthermore, the declining price trend breaks the rounding bottom pattern possibility and tests the 50-day EMA. Source – Tradingview NEAR Technical Analysis The NEAR price action displays a bullish candle forming at the psychological mark of $5 and avoiding a downtrend below the 50-day EMA. Hence the possibility of a bullish reversal to re-challenge the overhead resistance at $6.0 remains significant. Despite the bearish alignment and the bullish failure to sustain above the 100-day EMA, the market price takes support at the 50-day EMA. The daily RSI slope displays a minor bullish reversal from the halfway line after dropping below the 14-day SMA. Moreover, the MACD indicator signals a rise in selling pressure as the bearish histograms intensify with the recent crossov...