NEAR Bulls charge their way past $4.7 amid lack of volume growth

NEAR Protocol looks bullish as it breaks above the $4.7 support zone.

  • NEAR’s upward momentum appears to be waning
  • The price shows low trading volume
  • The NEAR price is trading at $4.51

However, judging by the price action, it looks like the bull’s luck may be running out.

On the other hand, NEAR’s trading volume appears to be flat or low even though the altcoin has gained around 35% over the same period. So, does this mean faltering demand for NEAR?

From a longer-term perspective, the NEAR resistance and support levels could be anywhere near the $3.7, $4.5 and $6.8 levels. respectively.

Initially, the $6.8 zone acted as a support zone in May, however the selling pressure was too overwhelming to control. This level was tested again in late May, but with no luck.

$6 Level pose obstacles near the price

In the coming weeks, it is more likely that the $6 level will raise a price barrier. In addition, the $4.7 area is another critical support level, as this zone has been pivotal on the daily chart since June and July.

While breaking this zone was amazing for the NEAR protocol, August was rather rude with a reversal and a seismic price drop.

NEAR’s RSI has been pushed above the neutral 50 zones following a rejection last month. Despite the upward movement, the buying pressure has weakened. Furthermore, the OBV also remained subdued without making new highs unfortunately.

Now, if OBV manages to successfully breach and surpass its August high, then this will validate the strong demand for the NEAR protocol. Additionally, Chaikin Money Flow or CMF has also crossed +0.05, revealing NEAR’s massive capital flow.

More buying activity is required

Overall, the technical indicators show some bullish moves and strong buying activity, but may not be enough to validate a move that eclipses the $6.8 zone.

According CoinMarketCap, NEAR is down 9.05% or trading at $4.51 as of this writing. The current statistics are bullish and are the exact opposite of NEAR’s remarkable performance over the past few days, where the altcoin has surged 9.5%.

Trading volume appears to have increased by as much as 36% compared to its sluggish movement last week.

NEAR total market cap at $3.36 billion on the daily chart | Source: TradingView.com

Featured image from The Market Periodical, Chart: TradingView.com

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