Here’s a weekly view of the NEAR/Tether chart from Binance. As you know already, we have been taking bouts of heartaches from the bearish market conditions and are quite uncertain of how long the bears will stay dominant in the market.
However, here is a brief description of what we could expect.
But first, lets make a price review from when we had our ATH. We had an ATH at $20.597 in Dec 2021 and in April we had the highest price of $19.788 for this year before the massive sell off.
It is clear that price couldn’t break into the new demand zone above $20 and that was what resulted in the massive sell off to the current price position. Anyways, the internal change of character of price between $19.788 and $5.26 has been a mix of bulls and bears but the bears are more dominant (looking at the 1W chart)
At the moment, price sits slightly above the support at $5.5 and is rallying for the next move.
What could be the next move?
I would have made a brief analysis of the BTC chart which would have helped us in the estimation of the price of $Near, but for the past weeks, $NEAR has been a little consistent with $BTC and this might continue for some more weeks.
From the chart, we see that the last time price was in this zone was in September 2021. That is significantly a long time. Therefore, price would experience some rejection away from this supply zone and would revisit this zone again in coming weeks.
For this coming week, the price of Near may test the resistance at $7.23 before retesting the $5.5 support level.
Looking at the resistance levels, we could look out for $NEAR price within $6.5 and $7.3 in the coming week.
The anticipated price path is shown in the chart above.
NFA
This analysis is purely for educational purposes.
However, here is a brief description of what we could expect.
But first, lets make a price review from when we had our ATH. We had an ATH at $20.597 in Dec 2021 and in April we had the highest price of $19.788 for this year before the massive sell off.
It is clear that price couldn’t break into the new demand zone above $20 and that was what resulted in the massive sell off to the current price position. Anyways, the internal change of character of price between $19.788 and $5.26 has been a mix of bulls and bears but the bears are more dominant (looking at the 1W chart)
At the moment, price sits slightly above the support at $5.5 and is rallying for the next move.
What could be the next move?
I would have made a brief analysis of the BTC chart which would have helped us in the estimation of the price of $Near, but for the past weeks, $NEAR has been a little consistent with $BTC and this might continue for some more weeks.
From the chart, we see that the last time price was in this zone was in September 2021. That is significantly a long time. Therefore, price would experience some rejection away from this supply zone and would revisit this zone again in coming weeks.
For this coming week, the price of Near may test the resistance at $7.23 before retesting the $5.5 support level.
Looking at the resistance levels, we could look out for $NEAR price within $6.5 and $7.3 in the coming week.
The anticipated price path is shown in the chart above.
NFA
This analysis is purely for educational purposes.
