NEAR: Downtrend Continues After Range Break at $4
Michaël van de Poppe highlights that the NEAR Protocol remains in a downtrend following the loss of the range low above $4, with the token experiencing a harder correction than its peers and drawing attention to a potential support sweep at $3.40 for accumulation.
Analysis
Michaël van de Poppe notes a potential shift in the crypto narrative, as NEAR has failed to hold the range low above $4 and is now correcting more sharply than other assets showing modest momentum gains.
The current price sits at $3.88 within the Bollinger Bands on the 4-hour chart, with the upper band at $4.59 acting as immediate resistance and the lower band at $3.63 providing short-term support. The overall trend remains bearish, as the price is trading below both the EMA50 at $4.27 and EMA200 at $4.53. The MACD has printed a death cross at -0.15, and the RSI stands at 35.37, remaining neutral. These factors suggest further downside pressure toward the lower band before any potential relief, aligning with van de Poppe's view that a drop below $3.40 would create an accumulation zone he prefers over chasing strength.
Michaël van de Poppe @CryptoMichNL Macro-Economics, Value Based Investing & Trading | Crypto & Bitcoin Enthusiast