NEAR Protocol

Momentum

Million

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>NEAR Protocol (NEAR) price showcased rejection from the key hurdle of $8.</a> </li> 
 <li> <span>2</span> <a>Sellers looked confident and holded their short positions.</a> </li> 
</ul>  
<p>The NEAR Protocol (NEAR) price failed to overtake the round mark of $8 and faced sharp rejection, leading to an intraday cut of over 7%.</p> 
<p>However, the NEAR crypto price traded in the midst of the support range of $6.60 and resistance mark of $7.70, which might lead to consolidation in the next weeks.</p> 
<p>If the bullish wave continues, buyers need to cross and sustain above the $8 mark to validate the trustworthy bull move.</p> 
<p>Meanwhile,the neckline hurdle of $8 was retested multiple times and buyers are eager to cross the region for a further spike ahead. Per the price action, the crypto took a U-turn and is readying to retest the upper trajectory.</p> 
<h2 class="wp-block-heading" id="strong-near-price-action-outlook-bulls-still-awaiting-a-breakout-strong"><strong>NEAR Price Action Outlook: Bulls Still Awaiting A Breakout</strong></h2> 
<p>On the daily charts, NEAR price struck the trendline mark and reverted from the 50 day EMA mark, close to $6. Meanwhile, the sellers tightened their grip and did not permit the bulls to cross, resulting in a rejection.</p>    
<p><a href="https://www.tradingview.com/chart/NEARUSDT/TTqdbXi3-NEAR-Price/"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/"></a><a href="https://www.tradingview.com/"></a></p>  
<p class="has-text-align-center">Source: TradingView</p> 
<p>The intraday trading volume declined over 31.90% to $401.55 Million and is displaying lower investor interest. Moreover, the long/short ratio was noted at 0.9531.</p> 
<h3 class="wp-block-heading" id="strong-what-derivative-data-indicates-on-near-price-strong"><strong>What Derivative Data Indicates On NEAR Price?</strong></h3> 
<p>Per the data from the<a href="https://www.thecoinrepublic.com/2024/05/08/grayscale-no-more-in-ethereum-futures-etf-race-whats-the-reason/" target="_blank" rel="noreferrer noopener"> Coinglass</a>, followed by the price downtick, long unwinding data was noted. The open interest dropped over 12.33% to $257.50 Million, highlighting the price rejection.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="291" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-99-1024x291.png" alt="" class="wp-image-204878" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-99-1024x291.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-99-300x85.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-99-768x218.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-99-750x213.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-99-1140x324.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-99.png 1357w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
<p class="has-text-align-center">Source: coinglass</p> 
<h4 class="wp-block-heading"><strong>Sharpe Ratio and Telegram Users Insights</strong></h4> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/9sZxettZKO60kfTYa58JbF35gxgVN3y8ScDBOF6bYRQMooLxoaut3ZsO0vovB4TQJt1isNpeQ_WiS8R83C_xjToqALxzVJ398HH88dpFd0zkMw5uHBUoF0dtCnCYu-Hp7oJdg4RPqQ6IrnYaZPOTZug" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: Messari</p> 
<p>The Sharpe ratio value noted below 1, sounds negative still, buyers have much more to do for a significant trend reversal. Amid the uptrend, the key indicators still suggest a downtrend.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/jMa-H637PO2z2MuniPz0CIM4M_Be5HLsCi_qlNXN5oy9FN-meilvsuTB64qDNOv4UnATeXC1e3F2enIb2BmKWHg5pN47oTua_zBYrSwEPa-NE6KxW2ewtl2itjH9LCJ_lHPj9rALLz0ANHpY1kZtEQ0" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: Messari</p> 
<p>For the past weeks, the users on the telegram platform witnessed a consistent up move and the value rose to 53.55k.</p> 
<p>The Momentum Indicator (Relative Strength Index) looks neutral, and the curve stands at 55 above the midline, replicating a positive crossover.</p> 
<p>Per the Fibonacci retracement levels, the NEAR Protocol price faced the 50% zone and rejected toward the 38.2% region close to the mid bollinger band support.</p> 
<p>The immediate support levels for the NEAR Protocol (NEAR) is $6.70 and $6.20 whereas the key upside hurdle is around $8, followed by $8.30.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The NEAR Protocol (NEAR) price trades close to the primary hurdle of $8 and depicted a rejection in the last sessions. Meanwhile, the crypto price is trading above the key moving averages and guided a bullish outlook.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

NEAR Price Prediction: Bulls Fails To Cross $8, What’s Next?

Table of Contents

Thecoinrepublic.com

Other articles published on May 8, 2024

Tom Brady's Viral Roast on Netflix Special The Past Few Days Rehashes His $30 Million Crypto Loss...

Bitcoin (BTC) Poised for Growth: Michael Saylor’s Optimistic Forecast

Analysts Predict A Potential Drop to $1 For WIF

Japanese Crypto Exchange Coincheck To List On Nasdaq Listing Via SPAC Merger

Helium Crypto Price Analysis: What’s Next For HNT In 2024

UK Invests £12 Million to Address Challenges of Rapid AI Development

Join our free newsletter for daily crypto updates!