As Bitcoin price approaches the $60,000 mark, the market struggles to form a strong sentiment around the Bitcoin Halving. Due to this, the altcoins are struggling to halt the downfall and find a reversal spot. In a similar condition, the NEAR token price showcases a bearish trend struggling to survive above a dynamic support.
With the bearish breakdown of a critical support level and drop under the 50D EMA, the NEAR token is at a pivotal stage. Will the altcoin survive this correction for a jump beyond $10 this year? Find out more in our NEAR Price prediction.
With the altcoin sector failing to sustain the uptrend in motion, many are reverting to critical support elements. Similar to the broader market condition, the NEAR price trend approaches a long-term support trendline.
Following a crash from the peak at $8.90, the altcoin is under $6 and trades at $5.476, accounting for a 38% drop in 35 days. Currently, the NEAR price shows an intraday growth of 0.74% and prolongs a short-term sideways trend.
The lower price rejection from the psychological mark of $5 and the 200D EMA reflects demand at lower levels. Thus, the chances of a reversal are high for Near protocol.
However, the breakdown of $5.880 support zone reverses the polarity at this level, turning it into a solid resistance. The ongoing consolidation reflects bearish dominance at $5.880, restricting an up move.
Technical indicators:
RSI: The daily RSI line takes a sideways turn slightly above the oversold zone. This could give rise to a potential bullish divergence if the consolidation prolongs.
EMA: The 50-day EMA fails to provide dynamic support leading to a drop to the 100D EMA. Currently, the 100D EMA acts as the baseline of the ongoing sideways trend.
Also Read : CHZ Price Reversal Eyes Extended Recovery To $0.16
As the downfall in the NEAR price takes a lateral shift, the altcoin is preparing for a bullish comeback. A breakout of the $5.880 mark will ignite the next stage of recovery rally to potentially hit the $9 mark.
However, a break below the 100D EMA could test the bullish confluence of the 200D EMA and the long-coming support trendline. As a multi-contact reversal line, the trendline could fuel another bounce back above the $5 mark.
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