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The NEAR/USDT pair is showing promising momentum with a 6.05% increase, currently trading at $5.396. Let’s analyze the chart and see what’s going on:
1. Moving Averages (MA)
• The 7-hour MA (yellow line) is at $5.393, closely aligning with the current price, suggesting a short-term support level.
• The 25-hour MA (pink line) at $5.261 and the 99-hour MA (purple line) at $5.252 are below the current price, indicating that NEAR has upward momentum and is currently in a bullish zone.
• With price above all three moving averages, the trend appears to be up, and buyers are showing strength.
2. Volume analysis
• Volume is fluctuating, but there was a strong spike in volume at $4.96, which acted as a key support and potential reversal point, allowing NEAR to move higher.
• The recent spike in volume is a bullish indicator as it suggests strong buyer interest, which could push the price higher if sustained.
3. Resistance and support levels
• Immediate resistance at $5,543 — the 24-hour high. A break and hold above this level could open up more upside targets.
• Key support at $4.96 — the 24-hour low, marking a solid base for any potential pullback.
4. Indicators perspective
• Moving averages indicate strong support as they are aligned below the price.
• If volume continues to increase and price breaks above $5.543, expect the momentum to continue. However, if we see a dip below the 7-hour MA, it could signal a short-term correction.
