After a solid 17% rally last week, NEAR Protocol ($NEAR ) seems to be losing steam. With just a 0.18% rise in the past 24 hours, market sentiment is showing signs of shifting bearish. šØ
Key insights from the 4-hour chart:
š„ Supply Zone Pressure: NEAR is trading between theĀ $6.154 -Ā $6.311 supply zone, where concentrated sell orders often lead to price declines.
š Fibonacci Analysis: If sell pressure builds, NEAR could slide further, potentially testingĀ $4.870, with key support levels atĀ $5.712,Ā $5.551, andĀ $5.390 offering potential bounce zones.
š Indicators Signal Bearish Momentum
1ļøā£ ADX Trend Strength: The Average Directional Index (ADX) spiked to 42.19, confirming a strong bearish trend. Higher ADX = stronger downtrend.
2ļøā£ Death Cross Formation: The MACD signal line (orange) crossed above the MACD line (blue), confirming a bearish reversal. This is accompanied by red histogram bars, reinforcing further downside potential.
š Whatās Next for NEAR?
If the ADX remains elevated and MACD trends bearish, the likelihood of further declines increases. However, watch the support levels closely ā they could offer rebound opportunities for strategic entries.
Whatās your take? Will NEAR find its footing soon, or is a deeper correction on the horizon? Share your thoughts below! š