BTC failed to recover above $34,500 and it started a strong decline. There was a break below many important supports near $33,000 and $32,800. It opened the doors for more downsides below $32,000 and the price settled well below the 100 hourly simple moving average. The price even tumbled below the $30,000 level. It traded close to the $28,500 support and it is currently correcting losses.
While Bitcoin price is trading above the 23.6% Fib retracement level of the recent decline from the $32,707 high to $28,808 low, few altcoins are showing signs of recovery and promise of a fresh rally to break all-time-high. NEAR protocol is one of these altcoins.
Altcoins show sign of recovery:
NEAR Protocol launched in Oct 2020 is a decentralized application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees.
NEAR USDT Price Technical Analysis:
NEAR the native utility token used in NEAR protocol saw its recent high near $2.78 USDT price level and the price recently corrected lower. After a close above the $2.00 level from the latest decline, the NEAR protocol now has started afresh rally above the $2.30 resistance level. Though there was a break below the $2.30 support level, the bulls were active near the $2.00 and $2.18 levels.
With the fresh rally continuing, it broke above the $2.40 level to test the 61.8% Fib retracement resistance level from the swing high to low. Given the key bullish trend forming with price trading above the $2.30 support and the 100 simple moving average (4-hours), a break above the $2.50 level indicates a possible fresh increase. In the event, if NEAR USDT price breaks above the key resistance near $2.61 or the 76.4% Fib retracement level of the downward move from the $2.78 swing high to $2.00 low, there is a likely hood for a break above $3.
If the NEAR price fails to continue higher above $2.48, there could be a fresh decline. The first key support is near the $2.30 level and the trend line.
A successful break below the trend line support could put the $2.00 support at a risk. Any more losses may possibly call for a drop towards the $1.9 level.
- 4-Hours MACD – The MACD for NEAR/USD is gaining momentum in the bullish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for NEAR/USD is still above the 50 levels.
- Major Support Levels – $2.30 and $2.00.
- Major Resistance Levels – $2.50 and $2.75.