$NEAR Near Protocol price analysis.....🚀🚀🚀

NEAR

$6.16

has been falling inside a descending channel pattern, indicating that the trend favors the bears.

#NEAR/USDT daily chart. However, the rise above the 20-day EMA ($6.15) suggests that the selling pressure may be reducing in the short term. The NEAR/USDT pair will attempt a rally to the resistance line, where the bears are likely to sell aggressively. If the price turns down sharply from the resistance line, it will signal that the pair may remain inside the channel.

If buyers want to gain the upper hand, they will have to drive the pair above the channel. That will signal a short-term trend change, and the pair may rally to $8 and then to $9.

NEAR/USDT 4-hour chart. After a long struggle, the pair broke above the $5.90 level, indicating that bulls have a slight edge. The price may turn down and retest $5.90, but if bulls flip this level into support, the pair may reach the resistance line.

Alternatively, if the price turns down sharply and breaks below the moving averages, it will suggest that the breakout above $5.90 may have been a bull trap. That could drag the price down to $5 and later to the support line of the channel.

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