$NEAR turns bearish, trading volume drops 30% – Is a pullback still possible? - AMBCrypto Analytics

NEAR Protocol [NEAR] has recently experienced a bearish reversal, causing concern among investors about a potential pullback because the week preceding that was strongly bullish.

The 50-day moving average (blue line) has been acting as a dynamic support and resistance level. The price broke below this line and turned bearish.

The 200-day moving average (red line) was positioned above the press time price, reinforcing the resistance area that could limit upward movement.

The RSI (Relative Strength Index) bands indicated that the price has moved out of the overbought region, trending towards or possibly entering the oversold zone.

This suggested that the selling pressure has been significant, leading to the price drop.

This bearish trend is further highlighted by the recent lower low (LL) which was way lower than previous lows, indicating even more incoming selling pressure.

The MACD buy and sell signals (MacdSE and MacdLE) showed frequent shifts in momentum. Recent signals indicated more selling pressure (as shown by MacdSE), meaning that the bearish momentum is quite strong.