- The bullish NEAR market structure appeared to be in contrast with the market’s disappointing demand
- The bulls were able to defend the $3.85 price tag with the Spot CVD.
NEAR Protocol [NEAR]As of press time, was in a downtrend on all higher timeframes. The bulls took refuge on the charts at $3.85, which is the Fibonacci level of 78.6% retracement based upon the rally between $2.45 and $9 from February to March.
In the time since, market structures have been bullish a few times. Even though the market structure at the time of press was bullish, the outlook was still bearish.
Continued bearish pressure and rejection of $5
It’s the OBV that is responsible for this bearish outlook. NEAR had to hold the $3.85 support level despite trading at a higher timeframe.
From $3.85, the price rose this week to $5.25. Unfortunately, the price was not able to move the support level in the following days.
After the recent drop in price, daily RSI fell below neutral 50 to demonstrate a new momentum. Investors are hoping to see a price range around $4 and an increase in OBV.
These are not acceptable work As stated, the longer-term outlook for NEAR would seem bleak.
Spot CVD keeping up, despite NEAR’s price drop
Open Interest has fallen along with price in the past couple of days. The market was indicating a negative sentiment.
Long/short ratios also declined over the last 24 hours but still remained at 2,19, indicating that there are more longs in comparison to shorts.
Here are some realistic or non-realistic examples. NEAR’s market cap in BTC’s The following terms are used to describe the term
Surprisingly the spot CVD continued to rise despite the short-term price decline. This increase in purchasing pressure could be giving traders hope for NEAR to bounce off the $4 area of support once more.
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Source: ambcrypto.com