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Cryptoknowmics 2022-04-25 06:21:07

NEAR Technical Analysis: $15 Fallout Warns Bearish Continuation

NEAR coin price shows a bearish breakout of a flag pattern and breaks below the 50-day EMA. Will the downfall reach the $12 mark? Key technical points: NEAR prices crack under $15. The falling RSI values enter the nearly oversold zone. The 24-hour trading volume of Near Protocol is $722.83 Million, marking a 23% hike. Past Performance of NEAR After a sharp rally in NEAR Protocol token price last month, a bearish reversal haunts a downfall back to the pre-bull run levels. The bloodbath creates a streak of bearish candles starting from the $17.5 cracks below the psychological mark of $15. Source-Tradingview NEAR Technical Analysis The fall in the NEAR token price triggers an end of the flag pattern and indicates a potential selling point for traders who trade price action. But, the pattern of EMAs aligned with bullish sentiment can create ripples of reversal skepticism to shake off the bearish traders. The 50-day EMA does not stop the fall and then collapses due to the high selling pressure. While the 100 and 200-day EMAs continue to rise and are ready to offer any bullish reversal chance. This is the reason why EMAs are critical support zones that can alter the trend of bearish action. MACD Indicator: The fast and slow lines continue the bearish approach to reach the zero line. Hence, the indicators project a high underlying bearish momentum. RSI Indicator: The RSI slope shows a sharp fall crossing under the halfway mark and th...

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