Near Protocol (NEAR) Price Prediction shows how the price trades at the 20-day Exponential Moving Average resistance, where the major trend is bearish. The price has already lost 80% of its value from the March 2022 high, where close attention to the Near Protocol Price Prediction is needed to find a reliable flip zone.
Near Protocol appeared as a Layer 1 alternative to the Ethereum blockchain so that developers can code Web 3.0 projects with increased scalability. The Near Protocol is mainly used as an AI Machine Learning Project to automate programs to match operators' intentions. As a result, it pushed programmers to implement it on smart contracts and crypto payments in a familiar language.
According to Coinmarketcap, almost 729,159,160.00 NEAR are in circulation, representing 71% of the total supply. In the last 24 hours, this token showed buyers’ interest by increasing the trading volume by 14%. The current market cap of this instrument is $2,650,674,770, 1.4% down from the previous trading day.
What is the latest NEAR Price Prediction? Let’s see the Near Protocol (NEAR) Price Prediction from the Near Protocol Forecast today:
NEARUSD Is At A Discounted Level
In the NEARUSD daily chart, the long-term trend is bearish, where the recent bullish recovery from the 2.880 level formed a new higher high for the first time since April 2022. However, the bullish price action is not supported by any strong liquidity grab to consider it a solid trend-changing event.
This technical analysis of the NEARUSD daily chart indicates the bullish recovery from the trend line support. Moreover, the buying pressure from the 2.880 level came with a bullish Quasimodo formation. It indicates the foreseeable trading range in this pair, where the bottom is at 2.880, and the top is at 20.00. Moreover, the neutral point, or 50% of the range, is at the 7.60 level.Based on this range, the current price is trading at the discounted level where any buying opportunity from the near-term bullish order block could provide a higher success rate.
In Near Protocol Price Prediction, an intense bullish price action above the dynamic 20 EMA is needed before going long with the target of the 6.50 level. On the other hand, the trendline support would be a significant barrier for sellers where any intense selling pressure and a bearish daily close below the 2.880 level could lower the price towards the 2.00 area.
NEARUSD Ichimoku Cloud Analysis
According to the H4 NEAR Coin Price Prediction, the NEARUSD price moved below the cloud zone in the 2nd half of June but failed to move below the 2.880 swing low. Later, bulls regained the momentum and formed a stable price action above the dynamic Kijun Sen. In the future cloud, Senkou Span A shows buying pressure while the Senkou Span B remained flat. It is a sign that bulls are stronger than bears, where any buying trading condition might provide a higher return.
The strong bullish momentum is also visible from the indicator window, where the TDI line is steady above the 50.00 level. In that case, another bullish H4 candle above the dynamic Tenkan Sen could come up with buyers' dominance, as shown in the indicator window. On the other hand, the dynamic Kijun Sen is below the Tenkan Sen while both lines are providing support to the price.
According to the NEAR forecast, the buying momentum in this pair is valid as long as the price remains above the Kijun Sen level. On the bullish side, the primary target would be towards the 4.39 swing high. On the other hand, a break below the 3.36 level could resume the previous selling pressure towards the 2.880 level.
NEARUSD Intraday Price Action Analysis
In Near Protocol price prediction, the visible range trading volume from 6 June 2022 to 9 July 2022 shows a strong bullish sentiment. The current high volume level is at 3.41 level, which is below the current price. Moreover, the latest intraday high volume is positive for bulls, followed by the dynamic 20 EMA support.
This technical analysis shows a neutral position in MACD Histogram while the Volume bars are narrowing. On the other hand, bulls are dominating the price above the dynamic weekly VWAP level that has a higher possibility of extending the bullish momentum.
Based on the current price action, investors may consider the upcoming price direction bullish, where the main aim is to test the 4.39 resistance level. However, the break below the 3.47 level with a bearish H4 candle could lower the price in the coming days.
Is Near Protocol (NEAR) A Buy?
According to Near Protocol (NEAR) Price Prediction, the NEARUSD may extend its bullish correction within the long-term bearish trend. In that case, any bullish opportunity from the H4 weekly VWAP level would provide a higher success rate.
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