Concentrated Resistance at $14 May Stall NEAR Recovery

The dome-shaped reversal from the $17.8 resistance tumbled the Near Protocol(NEAR) price by $41.5%, bringing it to the 0.789 Fibonacci retracement level. The buyers showed strong interest in this discounted price, resulting in a 13% price jump on May 1st. However, the buyers may struggle to surpass the multiply resistance levels aligned at the $14 mark.

Key points: 

• The NEAR price lost 43.7% within a fortnight
• The NEAR price regain the 200-day EMA
• The intraday trading volume in the NEAR is $1.78 Billion, indicating a 44% hike.

Source- Tradingview

The Near Protocol(NEAR) has witnessed a significant correction in the past two weeks, which plunged the coin to 0.786 FIB level($10). The altcoin turned down from the $18 resistance and breached some important supports such as $15, $13.5, and $11.2, registering a 43.7% fall. 

However, the NEAR price experienced a significant inflow today and rebounded from $10 support. The bullish engulfing candle reflected a 13% price jump and retested the shared flipped resistance of $12 and 200-day EMA.

If sellers sustain the NEAR price below the $12 mark, the altcoin may retest the $10 support and even try to drop below it.

However, daily closing above the $12 resistance would drive the NEAR price to a confluence of technical resistance at $14. This resistance level consists of 0.5 FIB level, 50-day EMA and 100-day EMA, mounting a strong barrier against buyers.

Therefore, surpassing the $14 resistance will require strong bullish momentum.

Technical indicator

The recent correction has breached the EMA support of 20, 50, 100, and recently 200-day. However, the buyers have reclaimed the 200-day EMA with a sudden price jump, bolstering the recovery rally to hit the $14 mark. 

The daily-RSI slope barely tagged the oversold region on April 30th and reverted immediately. The RSI value currently at 38% reflects a negative sentiment among traders.

• Resistance levels- $13.5, $15.1
• Support levels-$, $10 and $8.2

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.