Near (NEAR) has been experiencing a delicate balance between buying and selling pressures since June 17, resulting in a lack of significant price movement. This has led to the formation of a horizontal channel that NEAR is looking to break out of.
NEAR Bulls Show Signs of an Uptrend
At the current moment, NEAR is trading at $5.31, showing a small increase in accumulation over the past few days. The price is inching towards the upper boundary of the horizontal channel it has been trading within.
A horizontal channel forms when the price of an asset consolidates within a specific range for an extended period. In NEAR’s case, it has encountered resistance at $5.66 and support at $6.63 since June 17.
Several technical indicators, such as the Moving Average Convergence Divergence (MACD), suggest a potential breakout above the resistance level. The MACD witnessed a bullish crossover on June 25, indicating a favorable buying opportunity.
Additionally, the Elder-Ray Index for NEAR has turned positive for the first time since June 7, standing at 0.22. This index reflects the balance between buyers and sellers, with a positive value indicating bullish strength in the market.
NEAR Price Forecast: Sentiment Remains Bearish
Despite the recent uptick in accumulation, on-chain data reveals that bearish sentiment surrounding NEAR remains prevalent. The current weighted sentiment for NEAR stands at -0.41, reflecting a negative market mood fueled by fear, uncertainty, and doubt.
If this bearish sentiment persists, NEAR’s upward movement towards resistance may face obstacles, potentially pushing the price down to $5.22. However, if the bullish momentum continues, NEAR could break above resistance and reach levels above $5.6.
As the crypto and NFT industry evolves, staying informed about technical indicators and market sentiment is crucial for making educated investment decisions in assets like NEAR.
