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Cryptoknowmics 2022-01-15 08:08:00

NEAR Technical Analysis: New All-Time High Formation Induces Profit Booking, Should You Keep Holding or Sell?



NEAR coin price creates a new all-time high level at $20 but falls due to increased profit booking. Will the bulls regain trend control to reach $23? NEAR Protocol is a layer-1 blockchain that was created as a cloud computing platform run by community members. It removes certain limitations that have plagued other blockchains such as slow transaction speed and interoperability. It provides the perfect environment for DApps and provides an easy-to-use and developer-friendly platform. For example, NEAR uses human-readable account names, as opposed to the cryptocurrency-based wallet addresses used by Ethereum. NEAR is also able to provide innovative solutions to scaling issues and also has its own mechanism for consensus called “Doomslug.” Let us move ahead to read about Near Protocol technical analysis. Past Performance of NEAR The NEAR coin price faces rejection near the all-time high level of $20.38, predicted in our previous article. The coin price shows a growth of 60% in the last five days resulting in multiple bullish engulfing candlesticks. The price jump results in the breakout of multiple resistance levels including $18. Therefore, the current retracement acts as the retest of the $18 breakout. NEAR/USD Daily Chart NEAR Technical Analysis The NEAR coin price forms a bearish candle with a minuscule wick, indicating a solid selling pressure in action. However, the free fall in the coin price can find support at $18 as a p...

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