The Bears are closing off on Near
Hello Everyone!!!
We’re glad to bring you yet another technical analysis for the price movement of Near.
We’re pretty sure that you have been following up with our previous analysis. Please feel very free to share your views about our analysis and make your contributions or alternatively, your criticisms.
Here’s the 1D chart showing a line at the support level of $4.69 and lines at the resistance levels of $7.38, $11.9 and $18.00.
We’ll concentrate more on the current position of price which is right on the support level at $4.69.
The overall market condition is bearish and shows that this support level at $4.69 has been tested twice during this bear season. The reason price is still rallying around this zone and not able to breakdown this support is justified by the fact that price have stayed away from this zone for quite a long time (approximately 10 months). With the bears staying strong and selling off more positions, we will have a closing down to $4.3 or even $4.1 at the point where the Elliot wave correction would kick in.
Alternatively, with the current condition of the RSI, which is showing some bullish and bearish divergence, price may not get to the strong support at $4.1 before a considerable bullish force of retracement will kick in.
The Fibonacci retracement shows different levels of reach for
NEAR after the exhaustion of the bearish sell off.
Within the price range of $4.1 to $4.7 is a safe demand zone.
This is not financial advice though but for educational purposes.
Good luck trading!!!
We’re glad to bring you yet another technical analysis for the price movement of Near.
We’re pretty sure that you have been following up with our previous analysis. Please feel very free to share your views about our analysis and make your contributions or alternatively, your criticisms.
Here’s the 1D chart showing a line at the support level of $4.69 and lines at the resistance levels of $7.38, $11.9 and $18.00.
We’ll concentrate more on the current position of price which is right on the support level at $4.69.
The overall market condition is bearish and shows that this support level at $4.69 has been tested twice during this bear season. The reason price is still rallying around this zone and not able to breakdown this support is justified by the fact that price have stayed away from this zone for quite a long time (approximately 10 months). With the bears staying strong and selling off more positions, we will have a closing down to $4.3 or even $4.1 at the point where the Elliot wave correction would kick in.
Alternatively, with the current condition of the RSI, which is showing some bullish and bearish divergence, price may not get to the strong support at $4.1 before a considerable bullish force of retracement will kick in.
The Fibonacci retracement shows different levels of reach for
NEAR after the exhaustion of the bearish sell off.Within the price range of $4.1 to $4.7 is a safe demand zone.
This is not financial advice though but for educational purposes.
Good luck trading!!!
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