As Bitcoin price approaches the $60,000 mark, the market struggles to form a strong sentiment around the Bitcoin Halving. Due to this, the altcoins are struggling to halt the downfall and find a reversal spot. In a similar condition, the NEAR token price showcases a bearish trend struggling to survive above a dynamic support.
With the bearish breakdown of a critical support level and drop under the 50D EMA, the NEAR token is at a pivotal stage. Will the altcoin survive this correction for a jump beyond $10 this year? Find out more in our NEAR Price prediction.
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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.
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