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NEAR Protocol’s Price Prepares for Major Consolidation

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NEAR Protocol’s Price Prepares for Major Consolidation

NEAR's RSI dropped below 70, indicating the interest of buyers could be cooling off. On the other hand, the number of transactions on NEAR grew 191.29% in the last 13 days. EMA shows a possible consolidation phase, sustained by strong support and resistance.

The Near Protocol (NEAR) price analysis presents a complex picture, indicating varied market sentiments.

A mix of indicators paints a nuanced view of NEAR’s short-term trajectory.

Shifting On-Chain Momentum

NEAR Protocol‘s market dynamics have taken a turn, as evidenced by the RSI falling to 66 from a previous 76 on March 27, marking its first dip below 70 since November 23. The RSI, which helps identify overbought or oversold conditions, suggests a weakening in buying pressure as it retreats from previously sustained high levels.

Although the current RSI value does not indicate an oversold condition, the noticeable decrease in momentum could signal a forthcoming period of consolidation for NEAR, highlighting a shift in market dynamics.

NEAR RSI. Source: Santiment

On the other hand, NEAR’s daily transaction count has rebounded, reaching a peak of 9.02 million on April 2—the highest since December 2023. This recovery follows a period from March 12 to 20, where transaction activity and price showed little variation, indicating a phase of stability.

NEAR Transactions. Source: Flipside

The resurgence in network activity, coupled with a modest increase in NEAR’s price from $5.96 to $6.44, suggests a potential alignment of price with transaction volume, possibly signaling the onset of a bullish trend, albeit the tempered by RSI indicator.

NEAR Price Prediction: Consolidation

NEAR’s price chart reveals a death cross within the Exponential Moving Average (EMA) lines, a bearish signal typically indicating a shift from bullish to bearish sentiment. This pattern, characterized by a short-term EMA crossing below a longer-term line, suggests recent price declines may overshadow previous gains, hinting at the beginning of a downtrend.

Yet, the close proximity of NEAR’s EMA lines, alongside the contrasting increase in transaction volumes and a dipping RSI, suggests a complex market sentiment leaning towards consolidation, supported by strong nearby support and resistance levels.

Should NEAR’s price initiate an upward trajectory, overcoming immediate pressures, it could aim for the $8.0 mark.

Read More: Near Protocol (NEAR) Price Prediction for 2024

NEAR Price Chart. Source: TradingView

Conversely, a breakdown below the $6.2 support level could see the price retract to as low as $5.6, indicating a delicate balance between potential gains and losses in the near term.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.