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May 27, 2023
After closing at $1.58 today, NEAR began today at $1.58 with significant bullish sentiment driving NEAR's price action higher. So far today, price action has drawn out a distinct $1.58 to $1.6 range.
NEAR Protocol chart analysis: NEAR Protocol could be slowing down soon as it approaches resistance at $1.61. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that NEAR Protocol made an initial breakout above its 5 day Simple Moving Average at $1.59, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $1.58 to $1.6, Fibonacci-inclined NEAR traders were highly concentrated around active Fibonacci resistance at $1.59. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1.7, thereby suggesting that NEAR is becoming overvalued.
All in all, the technical analysis suggests NEAR has no clear-cut direction.
NEAR Protocol shows positive signs, other assets are also on par: FTX Token leaps up 9.54% to trade around $1.36. TRON is up 1.66% to $0.077. Polkadot gained 1.53% and is currently trading at $5.32.
NEAR Protocol has fallen back around 73.64% from the significant high of $6 set 9 months ago. NEAR is currently trading with a market cap of 1.45 billion with an average daily volume of 51.95 million.
