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Due to the downward trend that the failed recovery rally seems to be doomed to, hopes can revive for NEAR holders. After more than two years of quietly holding on and despairing as NEAR has lost over 92% since its all-time high in January 2022, signs of revival can be seen in the price structure.
NEAR Movement!
NEAR is trading at $1,387 with a price movement of 0.58% in the last 24 hours. This comes after a balance in price following a -14% pullback triggered on July 20 after encountering strong resistance at a significant price level around $1.60, following a break from the upper trendline of the price movement.
The price level of $1.60, which forms a local resistance ceiling, has been holding since June 5, shedding light on challenging downward movements for over two months. The 20DMA, which is critical for the ongoing support battle, has formed a volatile support level as hot wallets continue to decline.
NEAR Data!
However, NEAR’s RSI has significantly cooled off in the recent correction movement and is now standing at 46 with a bullish divergence. Although there might be a slight support in the MACD, it can be compared to the downward trend at -0.011%. The potential for an upward spiral might be limited here, as experts believe that a return to $1.60 could face strong resistance once again.
On the other hand, downward risk continues to remain limited similarly, and the key support level of $1.25 likely forms a baseline (limiting the downside to -9.35%). This could expose NEAR to a risk. Additionally, the cryptocurrency markets have experienced a quite critical week. The decision on interest rates by the Federal Reserve and other US data have caused a volatile period in the crypto markets. While Bitcoin was trading around $30,000 at the beginning of the week, it is currently trading at $29,272.
