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The NEAR price dropped over 2% in the last 24 hours to trade at $7.12 at press time.
NEAR Price Overview
In recent trading sessions, the NEAR price has shown signs of volatility on the 4-hour chart. It has experienced fluctuations that could intrigue both short-term traders and long-term investors. The latest closing prices show a slight downward trend with figures adjusting from $7.253 to $7.047. This was before a sharp spike to an unusual closing price, suggesting potential market catalysts or external influences.
The exponential moving averages (EMAs) have presented a narrative of their own. The 9 EMA, tracking at values from $7.3104 down to $7.1897, currently sits above the 20 EMA values, which have moved from $7.2631 to $7.2141. Typically, this crossover could indicate a potential downward momentum, yet the 9 EMA has not significantly dropped below the 20 EMA, indicating a lack of strong bearish momentum.
The MACD (Moving Average Convergence Divergence) further elaborates the story with its latest values. The MACD line has decreased over the sessions from 0.0658 to 0.0049, drifting below the signal line. This is a traditional bearish signal. Concurrently, the MACD histogram has increasingly shown negative values, supporting the bearish outlook.
However, the Relative Strength Index (RSI) presents a different perspective. With values hovering around the mid-50s down to 44.67, the RSI suggests the asset is nearing potentially oversold conditions, especially if it should drop below the 40 mark. This could indicate an upcoming reversal or at least a stall in downward movement.
Key Levels to Watch
With current price levels in view, potential resistance at $7.183 and $7.185 needs to be closely monitored, as a breakout above these could pave the way for more bullish undertones. On the downside, support levels at $6.945, $6.938, and $6.923 will be crucial. A break below these supports could lead to further declines, possibly intensifying bearish trends.
Traders might consider short positions if the NEAR price consistently trades below the key support levels, especially if accompanied by high selling volumes and further bearish MACD readings. Conversely, a reversal above the resistance levels with supportive buying volume and an upward trending RSI could signal a viable long entry point.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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