NEAR was able to recover briefly from the severe losses, but initially saw significant resistance on the 4H-EMA ribbons and was rejected. So we continue the downtrend.
We are currently trading at around USD 6.50 and thus below the important monthly support S1, which we have already tested as resistance from below. Now we are back in our green support box.
The trading volume is clearly decreasing again. Thus, the chance that we will see lower prices again increases significantly. The area around USD 5.30 is particularly interesting.
NEAR daily chart
On the daily chart, we can clearly see that NEAR has turned in an important support box. This was mostly resistance in 2021 and only turned into support towards the end of the year.
So we are talking about an important key level here. After forming long wicks, a sign of strong buying, there's a good chance we'll return to these again.
That is where most of the liquidity for the market lies. So far we haven't been able to see any trend reversal on the larger timeframes, so we have to wait a few more days and expect prices of up to USD 5.00 again.
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