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- 1 The Bulls Initiated a recovery after the NEAR slumped below the 200 day EMA.
- 2 The daily NEAR/USD chart reveals the formation of an interesting bullish chart pattern.
- 3 On a bullish note, the NEAR protocol could rise over 35% if the price surpasses the recent hurdle of $5.75.
NEAR price is looking for a firm footing at the lower levels to recover recent losses. The bears dominated from the very 1st week of June. The price came under strong selling pressure, falling back towards the 200 day and psychological $5 level.
The weakness in the broader markets served as a fuel as NEAR dropped over 32% in the last couple of weeks. However, an interesting bullish pattern and neutral weighted sentiment points to a possible rise in the crypto. However, the selling pressure in the broader markets adds the risk of further decline in the price.
NEAR stands out as the 17th largest cryptocurrency with a live market capitalization of $5.68 Billion. The intraday volume surged by over 160% to $493.8 Million a day. It has a circulating supply of 1.09 Billion NEAR tokens.
The Weighted Sentiment Curve Illustrates Neutral Stance
Currently, NEAR Protocol price is trying to stabilize near the dynamic 200 day exponential moving average after a sharp fall. Despite a strong downturn, the weighted sentiment curve seems to be hovering near zero indicating a neutral bias among the investors and community members.
As per the data obtained by app.santiment.net the weighted sentiment curve shows frequent crossover of weighted sentiment curve with zero line indicating a neutral bias in the market. Now, if the sentiment curve surpasses the zero line it may indicate a positive bias and the NEAR crypto may show gains.
The weighted sentiment curve serves as an aggregate indicator of investor and trader sentiment, reflecting the prevailing market mood. A positive weighted sentiment indicates a dominant bullish sentiment, while a negative one points to a bearish sentiment, influencing the market dynamics of the NEAR Protocol.
Analysts Estimate A 35% Gain in NEAR, if Broader Market Recovers!
The daily chart highlights the formation of a declining parallel channel pattern also known as a bullish flag pattern. The price currently seems to be taking a rebound from the lower boundary of the channel.
On the higher side, if the bulls surpass the recent hurdle of $5.6, it may go up to the $8 level. However, it requires a swift recovery in the broader markets.
On the contrary, if the broader market continues to weaken, it may also drag NEAR price towards the lower demand zones.
Conclusion
NEAR is seeking stability amid bearishness in June, with a key support near the $5 mark. Moreover, despite a sharp fall in the recent sessions, the market sentiment is neutral, as indicated by the weighted sentiment curve. A positive shift in sentiment could lead to price gains.
Moreover, technical analysis highlights the formation of a bullish flag pattern, with a potential rebound from the pattern’s lower edge. A breakthrough above $5.6 could lead to a 35% rise towards $8, contingent on broader market recovery. Conversely, a persistent bearish trend could push NEAR towards lower support zones.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.