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After reaching an all-time high, will NEAR continue to decline?

 


The cryptocurrency market started the new year the same way it ended in 2021, with some coins performing well while others continued to underperform.

The cryptocurrency market has seen mixed performances in the past few weeks. Bitcoin and the other major cryptocurrencies have underperformed, while some altcoins have rallied.

Bitcoin is still trading below the $ 50,000 level and has had a hard time breaking the main resistance level above $ 48,000. Ether is trading above the $ 3,800 mark and has continued to struggle to break the $ 4,000 resistance level for the past few weeks.

However, one of the top performers in the market over the past few weeks is NEAR. The native token of the Near protocol reached a new all-time high of $ 17.60 a few hours ago, after having gained more than 20% in value in the past few days.

However, the price of NEAR has fallen more than 5% since hitting its new all-time high. The value of the cryptocurrency could drop below the $ 14 mark in the coming hours as it drifts away from its all-time high.

The current downtrend in the broader market could affect the performance of NEAR and its value could fall further in the coming hours.

An overview of important levels

The NEAR / USD 4-hour chart is still bullish despite the recent slump in cryptocurrency. The technical indicators show that NEAR is doing great after hitting an all-time high, but it could decline further should the bulls fail to regain control.

The MACD line is above the neutral zone, indicating strong positive momentum. Meanwhile, the RSI of 55 shows that there is currently still buying pressure on NEAR. If current market momentum is maintained, the value of NEAR could fall below the first major support level of $ 15.63 in the coming hours.

In the event of prolonged bearish performance, NEAR could soon decline towards the USD 13.40 support level. However, should the bulls regain control, NEAR would hit a new all-time high above $ 18 in the next few hours. NEAR will need the support of the broader cryptocurrency market if it has a chance to break the psychological $ 20 mark anytime soon.

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