NEAR Technical Analysis: Support at $7.6 to Start an Uptrend, Higher Highs Were Seen Every Day After That

NEAR Protocol is a decentralized application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR Protocol is the brainchild of developers Alex Skidanov and Illia Polosukhin, both of whom have extensive experience in programming. NEAR Protocol launched its mainnet on April 22, 2020, with 1 billion NEAR tokens created at genesis. Let us look at the technical analysis of NEAR. Past Performance On 14 October 2021, NEAR started trading at $7.24. The price took support and an uptrend started. It closed at $8.71 on 20 October 2021. This was a change of 20.3% across the week. Source: NEAR Technical Analysis The candles took support at $7.6 to start an uptrend. Higher highs were seen every day after that. The current trading price of NEAR is $8.67, which is 0.69% down from yesterday. OBV is showing an uptrend with a dip at the end of the graph. This shows that the selling pressure is beginning to dominate the buying pressure, and this can be a bearish sign. The traders may take a short position. RSI is currently at $59.45. Its graph is again similar to the graph of OBV — an uptrend with a dip at the end. This can be a bearish signal if this dip continues. MACD is showing a positive signal and confirming the last week’s uptrend as well. The height of the histogram is increasing and both the lines are moving in the positive direction. The traders may take a long position based on this. Day-Ahead and Tomorrow Fib retracement shows that the NEAR price took support from the fib pivot at $7.65. The next fib level is at $9.11. Thus, the indicators are giving mixed signals. The traders may hold their current positions with a target at $9.3 and stop-loss at $8.43.
The post NEAR Technical Analysis: Support at $7.6 to Start an Uptrend, Higher Highs Were Seen Every Day After That appeared first on Cryptoknowmics-Crypto News and Media Platform.

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