NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume

Christian Encila

2 years ago

2 mins read

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NEAR Protocol is looking bullish as it darts past the $4.7 support zone.

NEAR’s bullish momentum appears to wane
Price exhibits low trading volume
NEAR price trading at $4.51

However, judging by the price movement, it looks like the bull’s luck may be running out.

On the other hand, NEAR’s trading volume appears to be diminished or low even if the altcoin has amassed roughly 35% gains in that same period. So, does this mean a faltering demand for NEAR?

From a long-term perspective, NEAR’s resistance and support levels could be anywhere near the $3.7, $4.5, and $6.8 levels; respectively.

Originally, the $6.8 zone acted as a support zone in May however the selling pressure has been too overwhelming to control. This level was again retested late in May, but with no luck.

$6 Level Posing Hurdles To NEAR Price

In the coming weeks, it’s more likely that the $6 level would hoist some hurdle to the price. More so, the $4.7 area is another critical support level as this zone has been pivotal on the daily chart since June and July.

While breaching this zone was phenomenal for NEAR protocol, August was rather unkind with a reversal and a seismic price crash.

NEAR’s RSI has been pushed above the neutral 50 zones following a rejection experienced last month. Despite the bullish movement, buying pressure has weakened. More so, the OBV also remained sluggish with unfortunately no new highs formed.

Now, if the OBV can successfully breach and surpass its high registered in August, then this would validate the strong demand for NEAR Protocol. Additionally, the Chaikin Money Flow or CMF has also barreled past +0.05 revealing NEAR’s huge capital flow.

More Buying Activity Needed

Overall, technical indicators show some bullish movements and intense buying activity but may not be enough to validate a move that overshadows the $6.8 zone.

According to CoinMarketCap, the NEAR price has slumped by 9.05% or trading at $4.51 as of this writing. The current stats have been optimistic and are quite the opposite of NEAR’s remarkable performance over the past few days where the altcoin has registered an uptick of 9.5%.

Trading volume is seen to have increased by as much as 36% compared to its slow movement last week.

NEAR total market cap at $3.36 billion on the daily chart | Source: TradingView.com

Featured image from The Market Periodical, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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