bullish

Value

Million

Daily

Coin

<p><strong>Near Protocol</strong> (<a href="https://www.thecoinrepublic.com/price-prediction/near-protocol/">NEAR</a>) experienced a rejection at the 50-day EMA mark and witnessed a decline this week. However, the possibility of pullback is still on the horizon and it could see a bounce soon.</p> 
<p>Starting the week on a positive note, buyers had aimed to breach the $5 mark, but due to the lack of investor interest, a five-day losing streak was observed. The token slipped to the 20 day EMA crucial support under strong bearish pressure.</p> 
<p>Despite the minor ongoing price decline and a significant rejection from the trendline barrier of $5, a short-term pullback is anticipated and the token may catch bullish movements in the coming sessions.</p> 
<p>From the $5 mark, sellers pushed the token and added fresh short positions, upping the pressure on the bulls. This resulted in a bearish reversal.</p> 
<h2 class="wp-block-heading" id="h-near-struggles-to-sustain"><strong>NEAR Struggles to Sustain</strong></h2> 
<p>The daily chart of <strong>Near token</strong> exhibits a series of lower lows as it persisted in draining gains inside the falling channel. During the market recovery, the token succeeded in pulling back from the demand zone of $3.</p> <iframe loading="lazy" title="Santiment Chart: Price (NEAR), Volume (NEAR)" width="800" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2024-02-29T18%3A29%3A59.754Z&amp;dt=2024-08-29T18%3A29%3A59.754Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p>NEAR Price Volume Chart&nbsp; &nbsp; Source: Santiment</p> 
<p>The buyers are struggling to hold their own as the bearish pressure mounts. It formed its base around the $3 mark and rebounded from there. Trading inside a falling channel, the token persisted in displaying lower low swings and delivered a correction from the top of $7.</p> 
<p>Falling over 30% in the last two months, the token came to an end of correction and may see a possible trend reversal soon. In a recent tweet by @CJ, <strong>Near token price</strong> established strong support near $4. It is poised for an upward movement ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24NEAR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NEAR</a><br><br>Started building a position on NEAR at the $4 mark and TP'd some into the D1 EMA 200. I'm now of the mind that this is forming a larger bottom where we chop around not too far away from Range Low for a couple of weeks, before putting in a reclaim and sending. Think the… <a href="https://t.co/2tP8IB3WQ9">pic.twitter.com/2tP8IB3WQ9</a></p>— CJ (@CJ900X) <a href="https://twitter.com/CJ900X/status/1828932400916902214?ref_src=twsrc%5Etfw">August 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>Tweet by @CJ &nbsp; Source:X</p> 
<p>A daily close above the $5.50 mark would validate the significant bullish momentum and may unlock the doors toward the $7 mark for the short term.</p> 
<p>Currently, <strong>NEAR</strong> traded at $4.39 with a decline of over 1.29% conveying a slight dip in the last 24 hours. Notably, its trading volume dropped by 11% along with price decline, which represents a lower seller optimism.</p> 
<p>The Daily RSI line has retraced toward the midline from the overbought zone, indicating a rejection from the peak. It means that selling pressure has been significant, leading to the price drop.</p> 
<h2 class="wp-block-heading" id="h-weighted-sentiment-and-volatility-data-outlook"><strong>Weighted Sentiment and Volatility Data Outlook</strong></h2> 
<p>Despite the significant price drop, the weighted sentiment data stayed close to the midline region, noted at -0.157, indicating that investors are neutral.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (NEAR), Price Volatility 1d (NEAR)" width="800" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2024-02-29T18%3A29%3A59.754Z&amp;dt=2024-08-29T18%3A29%3A59.754Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bprice_volatility_1d&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p><strong>Weighted Sentiment Data&nbsp; &nbsp; Source: Santiment</strong></p> 
<p>However, the price volatility curve remained lower along with the price decline amid weak selling pressure.</p> 
<h2 class="wp-block-heading" id="h-total-value-locked-tvl-rises"><strong>Total Value Locked (TVL) Rises</strong></h2> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="301" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-1024x301.png" alt="" class="wp-image-688066" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-1024x301.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-300x88.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-768x226.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-1536x452.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-150x44.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-696x205.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1-1068x314.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/near1.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<p><a href="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcoVgaTcE-eVTxmu80-K0a6-5wEdi-yZvSW1380DFX_mK-VFygRU-u3JaseRGQmm7-4naL5onIispam8_HTGqgKgk3a7DlhGZfr2UWEQHLxowNh4Py4drqw7uH9vUR6hm4wg3bKXChzZtd19CEWV-XTKd6L?key=dpD0BbjWwh0e5LYFMTML_Q"><strong>TVL Data&nbsp; &nbsp; Source: DeFiLlama</strong></a></p> 
<p>Since the beginning of this month, the token has been on a recovery track. The rise in TVL to $212.55 Million reflects investor confidence.</p> 
<p>If the token finds support around the 20-day EMA, it may regain momentum and go toward the $5 mark, followed by $5.70 in the short term. However, the immediate support zone was around $4, followed by $3.60</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/30/near-confronts-channel-top-is-pullback-still-on-the-cards/">NEAR Confronts Channel Top: Is Pullback Still On The Cards?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

NEAR Confronts Channel Top: Is Pullback Still On The Cards?

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