NEAR Protocol on the Edge: Will It Break or Bounce Back?

NEAR Hovers Over $2: A Make-or-Break Moment

Listen up, crypto fans! NEAR Protocol is teetering just above the crucial $2 mark, showing glimmers of life after a brutal downtrend. If it can reclaim $2.80 as a solid support level, we might just be looking at the bottom of this wild ride.

Bulls Defending the Line

Right now, NEAR is trading a hair above $2, a spot that's been a battleground since it last rallied from there to hit $4.6 back in December 2023. The bulls are putting up a fierce fight at the $1.90 to $2.00 range. Every time the price dipped below during those tense intraday plunges on April 8, 9, and 10, the bulls roared back, pushing it above $1.90 by the close.

Chasing the 20-day EMA

NEAR's price action is inching closer to the 20-day EMA, hovering around $2.24. It tried to break this level back in late March, and it's been dancing around it ever since. The tension is palpable!

MACD and Stochastic: Bullish Signs?

Here's where it gets interesting: the MACD histogram is nearly flat, and the MACD line, though still below the signal line, is closing the gap fast. This could be the calm before the bullish storm, hinting at a potential crossover that could send short-term bulls into a frenzy, especially if NEAR breaks above that 20-day EMA.

And don't sleep on the Stochastic indicator! The %K line just crossed above the %D line while both were chilling in oversold territory. That's textbook bullish reversal territory. If this keeps climbing and breaks the 30 level, especially with a surge past the 20-day EMA, we could be looking at a serious momentum shift.

The Road Ahead for NEAR

So, what's next? For NEAR bulls to take the reins, they need to smash through and close above that 20-day EMA at around $2.24, ideally with a volume spike to back it up. That could set the stage for a run at the $2.60 to $2.80 resistance zone, which lines up with the 50-day SMA at $2.59.

Bottom or Bust?

Looking to the future, if NEAR can claim $2.80 as support, crypto analyst @NDKrypto says it's a clear sign we've hit the bottom. But it's not all sunshine and rainbows. @NDKrypto also warns that we might still test the VAL and VWAP lows before hitting the floor price and seeing a significant reversal. However, if $2.80 locks in as support first, we might already be there, folks. Buckle up, it's going to be a wild ride!