Can NEAR stay above $1?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Buyers could have little leverage if NEAR reclaims $1.155.
- Futures market players were bullish on the altcoin at press time.
Near Protocol [NEAR] saw a positive price performance following a partnership with the International Cricket Council (ICC) on 27 September. The partnership involved building a Web3 fan engagement platform for the 2023 Cricket World Cup.
How much are 1,10,100 NEARs worth today?
Since the development, NEAR has been up 7% and traded at $1.13 at press time. Meanwhile, Bitcoin [BTC] retested $27k but struggled to stay above it.
Can NEAR clear these hurdles?
Source: NEAR/USDT on TradingView
The partnership led to a rebound near the trendline support around $1.05. But the overall price action in Q3 chalked a descending wedge pattern, as the white trendlines show. Although the formation is typically a price reversal pattern to the upside, NEAR faces two crucial hurdles.
The first roadblock is the confluence of the 50-EMA (Exponential Moving Average) and the trendline resistance near $1.16. The next hurdle exists at the weekly order block and resistance zone of $1.24 – $1.38 (red).
So, price action could falter at these two roadblocks, especially if BTC records more losses below $27k. The RSI and CMF were at equilibrium levels at press time, indicating that the price could go in either direction.
Demand and funding rates improved
Source: Coinalyze
NEAR registered an improvement in demand in the derivatives segment from 25 September, as indicated by Open Interest rates. In addition, the funding rates were positive from 28 September, further reinforcing a bullish bias in the past two days.
Read Near [NEAR] Price Prediction 2023-24
Even the Accumulative Swing Index (ASI), which tracks the strength of price swings, turned positive, denoting a long-term uptrend.
However, the overhead hurdles could derail extra recovery efforts, especially if BTC falters at $27k.
