$NEAR Protocol price analysis.............๐๐
NEAR
$7.05
ย closed above the descending channel pattern on April 25, indicating that the downtrend could be ending.
#NEAR/USDT daily chart.
However, the bears have not given up and are selling near the immediate resistance at $7.70. If the price dips back into the channel, it will suggest that the breakout may have been a bull trap. That could pull the price down to $5.90.
Instead, if the price breaks above $7.70, it will suggest that the bulls are taking charge. The NEAR/USDT pair could then attempt a rally to $9., where the bears are likely to mount a strong defense.
NEAR/USDT 4-hour chart.
Both moving averages are sloping up, and the RSI is in the positive territory, indicating that the bulls have a slight advantage. Buyers are likely to face selling in the zone between $7.70 and $8.10, but if they bulldoze their way through, the rally could reach $9.
This optimistic view will be negated in the short term if the price turns down and breaks below $6.60. Such a move will indicate that the bears continue to sell on relief rallies. The pair may then slump to $5.90.
