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The Near Protocol price surged over 4% in the last 24 hours to trade at $7.16 at press time.
Near Protocol Price Overview
4-hour chart for NEAR/USDT (Source: TradingView)
The NEAR Protocol price (NEAR) has displayed notable fluctuations on the 4-hour chart, showcasing a series of price actions that merit close examination by traders and investors alike. After oscillating between $7.138 and $6.883, the token recently surged to a high of $7.167 before an even more substantial climb to $9.00, indicating a potential breakout from its previous trading range.
The 9 Exponential Moving Average (EMA) and the 20 EMA have provided strong support for the price. The 9 EMA has ascended from $6.688 to $6.892, closely tracking the price’s upward trajectory and indicating sustained bullish momentum. Similarly, the 20 EMA has steadily increased from $6.346 to $6.571, reinforcing the support level and confirming a bullish market structure.
The Moving Average Convergence Divergence (MACD) further supports this optimistic outlook. Over the observed period, the MACD line has consistently remained above the signal line, with the histogram values showing a slight decrease but still staying positive. This suggests that while the upward momentum might be slowing, the overall trend remains upward.
The Relative Strength Index (RSI) has occasionally entered the overbought territory, peaking at 76.31, which traditionally suggests a potential price reversal or consolidation. However, subsequent readings around 71 and 65 indicate healthy corrections rather than a sharp downturn.
Key Levels to Watch
NEAR is now approaching significant resistance levels at $7.185, $7.226, and $7.295. A convincing break above these levels could pave the way for further gains. On the downside, support levels are identified at $6.945, $6.938, and $6.923. These levels are crucial for maintaining the bullish scenario; a drop below could indicate a shift towards a bearish bias.
Given the current technical setup, traders might consider entering long positions if NEAR successfully breaches and holds above the resistance at $7.295, using the 9 EMA as a dynamic support level for managing risk. Alternatively, should the price fall below the key support at $6.923, it could offer an opportunity for short trades, targeting the next support levels or the 20 EMA as a potential landing zone.
In conclusion, the Near Protocol price exhibits a bullish inclination on the 4-hour chart, backed by supportive EMAs and a favorable MACD setup. Traders should watch for either a sustained break above critical resistance levels or a reversal below key supports to adjust their trading strategies accordingly. As always, considering the volatility of cryptocurrency markets, traders should approach with caution and plan their entries and exits meticulously.
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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