#Near Protocol found support from the rounding bottom pattern on April 13th, following a panic sell-off.
Currently, $NEAR token price is experiencing a bearish trend and struggling to stay above a dynamic support level.
Amidst a broader downturn in the altcoin sector, many investors are relying on critical support elements, similar to $NEAR's price trend approaching a long-term support trendline.
The altcoin reached its peak at $9.00 before undergoing a 38.50% decline over 35 days, now trading below $6.
The rejection of lower prices near the psychological mark of $5 and the 200-day EMA indicates demand at these levels, suggesting a potential reversal for the #Near protocol.
A breakout above the $5.880 mark is anticipated to kickstart the next phase of a recovery rally, potentially targeting the $9 mark.
According To Coingabbar's analysis, if bears breach both the channel and the rounding bottom support, the price could decline towards the $4.00 mark.
KEY LEVELS :
RESISTANCE LEVEL : $6.00-$7.00
SUPPORT LEVEL : $5.00-$4.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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