NEAR Protocol is holding steady above the critical $2 psychological support level, showing early signs of potential recovery after an extended downtrend. A successful reclaim of $2.80 as support could signal that the bottom has been established and pave the way for a bullish trend reversal.

NEAR Price Analysis

Currently, NEAR Protocol’s price is trading slightly above $2, a historical support zone where it last consolidated in December 2023 before rallying to reach $4.60. Bulls appear to be defending the $1.90–$2.00 range, as evidenced by intraday dips on April 8, 9, and 10 that were quickly reversed, with the daily close consistently above $1.90.

The price action is edging closer to the 20-day Exponential Moving Average (EMA) at $2.24, a level NEAR last attempted to reclaim in late March. Since then, the token has been trading within close range of this technical indicator, which often serves as a benchmark for short-term momentum shifts.

Technical Indicators Signal Strength

Key technical indicators are hinting at potential bullish momentum:

  • MACD Histogram: The Moving Average Convergence Divergence (MACD) histogram is almost flat, suggesting reduced bearish pressure. Additionally, the gap between the MACD line and the signal line has narrowed, often a precursor to a bullish crossover.
  • Stochastic Oscillator: The %K line has crossed above the %D line while both were in oversold territory. This is a classic early bullish reversal signal. If the %K line continues to rise above the 30 level, especially in conjunction with a break above the 20-day EMA, it would further confirm a shift in momentum.

Key Levels to Watch

To regain control, bulls need to push NEAR above the 20-day EMA (~$2.24) with strong volume. If this level is reclaimed, it opens the door to retesting the next resistance zone at $2.60–$2.80, which aligns with the 50-day Simple Moving Average (SMA) at $2.59.

Looking further ahead, reclaiming and holding $2.80 as support would be a major signal that NEAR’s price has bottomed out. This could lay the foundation for a sustained upward move.

What Analysts Are Saying

“If NEAR confirms $2.80 as support, it could indicate the bottom is already in,” notes crypto analyst ND (@NDKrypto).

While the analyst suggests that further tests of the VAL (Value Area Low) and VWAP (Volume Weighted Average Price) lows are possible, reclaiming $2.80 beforehand would reduce the likelihood of deeper declines and strengthen the case for a bullish reversal.

Takeaway for Investors

For investors and traders, the key levels to monitor are the $2.24 EMA and the $2.80 resistance zone. A break above these levels, accompanied by increased trading volume, could signal renewed bullish momentum and a potential price bottom. However, caution remains essential as the market continues to recover from its prolonged downtrend.

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