- NEAR has risen 14.52 per cent in 24 hours, reaching critical support of $1.09 and resistance of $1.25.
- The high trading volume of 195.67M NEAR and 223.63M USDT shows high liquidity and activity.
- Break out at above $1.25 would be aiming at a long-term target of $3- $4 whereas the decline will be going back to $0.992.
NEAR Protocol (NEAR) was very volatile as of late, as the token was floating around major support areas.As of press time, NEAR was priced at $1.136 with a 14.52 percent gain in the past 24 hours. The 24-hour price movement indicates that it has a minimum of $0.992 and a maximum of 1.262, with the trading volumes being high at 195.67 million NEAR and 223.63 million USDT. These values indicate that the market is being actively operated especially as the token runs important short term support levels.
NEAR Consolidates Between Key Levels Amid Volatility
The NEAR price has been able to take an immediate support at the price of about $1.09 which is in line with the lower limit of its 24 hour trading range. This level has also served as a price action floor and no further downward movement can occur. The resistance is observed on the upside at the level of $1.25 which has curtailed the recent recovery efforts.
It is important to note that this range depicts that NEAR is at present consolidating upon a slight 5.4% drop in the last 24 hours. Sustained movement above $1.25 should be noted by traders to affirm short-term bullish movement. On the other hand, any decline below the price of 1.09 may cause further selling activities in the market.
Weekly Trend and Technical Indicators
The weekly chart indicates that NEAR has a potential reversal between $0.9 and $1.2. As shown by candlestick patterns, the token could be scheming an upward trend, and there is a possible pivot point that is below the current price of the token, which is at $0.84.
Moving averages also indicate the support levels: 5-week MA would be 515,058,288 NEAR, 10-week MA would be about 451, 073,700 NEAR. These averages indicate that buyers can rejoice in the market provided there is a price test on the lower end which supports the probability of rebound. Notably, the volume of the trading has been robust, which is an indicator of high involvement in the phase of consolidation.
NEAR at a Critical Crossroads as $1.25 Breakout Signals Next Major Move
In the future, NEAR may face two significant situations nowadays. On the upward side of the trend, a break out of the $1.25 price might result in a price projection of the bullish trend of $3- $4 as shown on the weekly chart in the long run. Alternatively, in a bad bearish case, the inability of the price to remain at the level of $1.09 may take NEAR going back to the low of $0.992 experienced in the past 24 hours.
The weekly chart indicates that the ongoing consolidation is vital, and it preconditions either the further positive trend, or the further side-shifting. The players in the market need to keep an eye on support and resistance to ensure that they can predict the temporary changes.
