- Near Protocol price is up almost 10% as sidelined and late traders join investors in looking for the next entry.
- NEAR could provide another buying opportunity at the 50% Fibonacci retracement level of $3.34.
- A break and close below the 50-day SMA at $3.13 would invalidate the bullish thesis.
Near Protocol (NEAR) price is trading with a bullish bias, with a sustained series of higher highs since the last week of January. With investors groping for discounted entry points, NEAR could correct before the next leg up.
Also Read: Near Protocol Price Forecast: NEAR kicks starts its 100% bounce
Near Protocol (NEAR) price is up almost 10% to trade for $3.73 at press time, with early profit booking already underway indicted by the Japanese red candlestick on Sunday.
With the Relative Strength Index (RSI) dropping, signifying falling momentum, Near Protocol price could drop a maximum of 10% to provide another buy opportunity around the 50% Fibonacci retracement level of $3.34.
The Moving Average Convergence Divergence (MACD) indicator remains above its signal line (orange band), with its histogram bars flashing green in positive territory, suggesting the prevalence of a bullish cycle.
NEAR/USDT 1-day chart
On the other hand, if the Near Protocol price descends below the 50-day Simple Moving Average (SMA) at $3.13, it would not only invalidate the bullish thesis, but also clear the clog for an extended fall.
The next likely support would be due to the 100-day SMA at $2.91, or in a dire case, extend to the foot of the market range at $2.06, levels last tested on December 18.
