NEAR Price Could Drop To $3 If This Bearish Pattern Continues

Christian Encila

2 years ago

2 mins read

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Since its launch in October 2020, the NEAR token has endured adversity. With the current market at one of its lowest point in history, NEAR could become a bit flaky.

A number of analysts forecast an entirely bearish future for the token. The coin has oscillated near the $3.75 support line and even attempted to escape the bearish market.

The coin attempted to break out of its more recent low of $4.16 with a rally to $4.51, according to data from Coingecko. This upswing is one of the most recent bullish attempts to overcome the $4.44 resistance.

NEAR Price Hounded By Massive Sell-Off

A $4.4 long-rejection candle supports the completion of the previously described bearish pattern. With continued selling, the NEAR price will fall 7% to breach the $3.75 support level.

The price of NEAR token has decreased by almost 90 percent from its recent high of $4.51 to its current price of $4.02.

Also, the coin experienced a massive liquidation between $4.18 and $4.02. This can be interpreted as Wednesday’s sudden surge in trading volume.

Even though the market has been extremely bearish recently, the coin’s future may still be favorable.

Contrarily, if the NEAR price recovers from the $3.75 level, that could indicate buyers are active at this price and the market is setting up for another attempt to break through the $4.75 resistance.

Crypto Can Still Break Impasse

In light of the fact that the coin’s value has recently increased, this interpretation may be correct.

The market’s reaction seemed counterintuitive to the developing situation. The coin is still oscillating in the $4.11 spectrum, far above the support line at $3.75.

The current sell pressure in the market may be partially counteracted by the recent surge in trading volume and subsequent price stability. Recent trader behavior suggests that NEAR’s full potential is still within reach.

Meanwhile, bearish market sentiment will give NEAR’s investors and traders another chance to try and break the impasse at some point in the future.

NEAR total market cap at $3.09 billion on the daily chart | Source: TradingView.com
Featured image from Telegaon, chart from 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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