NEAR Price Plans A Launch Amidst Market Correction To Hit $9

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With the altcoin sector failing to sustain the uptrend in motion, many are reverting to critical support elements. Similar to the broader market condition, the NEAR price trend approaches a long-term support trendline.

Following a crash from the peak at $8.90, the altcoin is under $6 and trades at $5.476, accounting for a 38% drop in 35 days. Currently, the NEAR price shows an intraday growth of 0.74% and prolongs a short-term sideways trend.

The lower price rejection from the psychological mark of $5 and the 200D EMA reflects demand at lower levels. Thus, the chances of a reversal are high for Near protocol. 

However, the breakdown of $5.880 support zone reverses the polarity at this level, turning it into a solid resistance. The ongoing consolidation reflects bearish dominance at $5.880, restricting an up move. 

Technical indicators:

RSI: The daily RSI line takes a sideways turn slightly above the oversold zone. This could give rise to a potential bullish divergence if the consolidation prolongs.

EMA: The 50-day EMA fails to provide dynamic support leading to a drop to the 100D EMA. Currently, the 100D EMA acts as the baseline of the ongoing sideways trend. 

Will NEAR Price Correction Reach $9?

As the downfall in the NEAR price takes a lateral shift, the altcoin is preparing for a bullish comeback. A breakout of the $5.880 mark will ignite the next stage of recovery rally to potentially hit the $9 mark. 

However, a break below the 100D EMA could test the bullish confluence of the 200D EMA and the long-coming support trendline. As a multi-contact reversal line, the trendline could fuel another bounce back above the $5 mark.