These price marks now become important

As Bitcoin (BTC) managed to defend its support at $91,000, NEAR also remained stable at the upper light blue line. In this way, NEAR could form a triple bottom – similar to the lower light blue line. In addition to this support structure, there is also the yellow box as resistance, where the 50 Daily EMA (Exponential Moving Average) also runs. However, sustained upward momentum still required the help of BTC, which was recently able to regain its own 50 Daily EMA.

If NEAR manages to break through the yellow box, the price could reach the liquidity there. However, if there is a correction in BTC, a renewed approach to the blue box for NEAR would be likely, where the 800 EMA and potential liquidity zones are also located. The decision is likely to be made in the coming movements: sustained buying pressure could carry the trend further upwards.

4-hour chart: Triple bottom and signaling by RSI and MACD

In the 4-hour chart, NEAR is in strong shape: a triple bottom formed at the light blue support line, at the “M2 level”. The RSI (Relative Strength Index) previously recognized itself in the oversold area and is now returning energetically by breaking through the signal line (white circle). The same applies to the MACD (Moving Average Convergence Divergence), where the trend line also overcomes the signal line and the negative momentum in the histogram decreases significantly.

The liquidation levels (at the top of the chart) make it clear that NEAR has picked up all positions below the current price. This results in a favorable scenario for an upward impulse, provided BTC holds the support mentioned at the beginning. However, things are likely to get particularly exciting for NEAR from $5.40 onwards, as all the important daily and 4-hour EMAs meet there and thus form a pronounced resistance area. Should BTC approach $97,000, regain and defend the 200 EMA on the 4-hour chart, NEAR would have a significantly better chance of breaking through its own EMA barriers as well.

About the author

Bastian Keller (Bitbull) has been operating independently in the Forex market since 2015 and has been a full-time trader in the crypto market since 2018. He actively shares this expertise on various social media platforms, especially on his YouTube channel “Bitbull trading“, with more than 60,000 subscribers. Bitbull is the platform TradeMania launched to make it easier for beginners to start crypto trading.