NEAR crypto ready to bounce back? Analysis of November 7, 2024

After suffering a violent decline, the Near stabilized by showing increasing buying interest. Let's look together at the future prospects for NEAR.

NEAR price situation

After falling from $8.4 to $3, NEAR price rebounded to reach a resistance zone around $5.2. The crypto then came under selling pressure, causing a correction to $3.4. It was from this level that the Near price broke through its resistance, marking a new high just below $6. Unfortunately, NEAR has undergone an almost complete retracement of its last rise. Although this may seem negative, we can point out that all of these fluctuations have made it possible to form higher and higher low points, which is technically synonymous with a bullish reversal in progress.

At the time of writing this article, the price of NEAR is around $4.2. Although a reversal in the cryptocurrency trend is possible, it should be noted that Near is now below its value zone around $5 and its monthly pivot point. Additionally, the cryptocurrency is below its 50 and 200 day moving averages, both of which are trending downward. These elements therefore raise doubts about its true crypto trend. In terms of dynamics, we observe a slight rebound, visible both in the latest fluctuations of the NEAR and on its oscillators.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.

Focus on derivatives (NEAR/USDT)

Open interest on the NEAR/USDT contracts was revised downward before eventually rebounding, as did its underlying. This demonstrates a relatively healthy market, with speculator interest mainly focused on buying. These observations are supported by a positive funding rate. However, on the CVD side, we observe a divergence from these latter indicators, showing persistent selling interest on orders placed at the market. As for liquidations, they remain little marked, which testifies to a balanced market where buyers and sellers seem to be in agreement with the current direction of the crypto.

The NEAR/USDT liquidation heatmap shows that the crypto recently came into contact with a notable liquidation zone, located between $4.2 and $4.5. So far, NEAR appears to be holding at this price level, demonstrating persistent buying interest. Currently, notable liquidation zones are primarily above the current NEAR price. We can note the levels of $4.8, then, just above, the $5.1 zone. Higher still, we find the $5.3 zone, followed by that just below $5.7. Below the current price, we can identify the subtle zone around $3.5. The price approaching these levels could lead to a massive triggering of orders, increasing the risk of increased volatility for the cryptocurrency. These areas therefore represent crucial points of interest for investors.

NEAR Price Forecast

• As long as the NEAR price remains above $3.5, a progression towards $4.5 remains possible. Breaking through this resistance could open the way towards the $5 threshold. Thereafter, resistance levels to watch would be at $5.9 and $6.5, corresponding to a potential upside of over 54%.

• In case NEAR price fails to stabilize above $3.5, support could be found around $3.4. If selling pressure persists, the next support level lies at $3.1. Lower, the area between $2.7 and $2.45 would constitute additional support, implying a potential correction of almost 41%.

Conclusion

Although NEAR has encountered obstacles, signs of recovery and formation of ascending lows suggest possible stabilization of the price. If the positive dynamic continues to assert itself, a trend reversal could materialize in the medium term for crypto. Thus, it will be essential to carefully monitor the price reaction at key levels to validate or revise current forecasts. Finally, remember that this analysis is based solely on technical criteria, and that the price of cryptocurrencies can evolve quickly depending on other more fundamental factors.