The hopes of NEAR holders are on the rocks as failed recovery rally seems destined for downside slide, this comes amid a last-ditch attempt to push-up out of consolidation – but is it doomed to fail?
After more than two-years of heartfelt holding and despair, which has seen NEAR bleed-out more than -92% since the all-time high in January 2022, there are signs of life emerging in price structure.
Could NEAR Mount Recovery Rally: NEAR Price Analysis
As the embers are stoked from three days of consolidation at the rock-bottom $1.40 price level, NEAR is attempting to push up, currently trading at $1.387 (a 24 hour change of -0.58%).
This comes as price stabilizes following a -14% localised retracement move, triggered on July 20 after price action met stiff resistance from the upper trendline at a major price level around $1.60.
Forming a local ceiling of resistance, the $1.60 price level remains unbroken since June 5 – spotlighting more than 2 months of hard fought downside moves.
Critical to the ongoing battle for support stands the 20DMA, which has formed a level of choppy support despite serial trips south as hot wallets traded the slide.
Yet, there are some reasons to be cheerful, NEAR’s RSI has cooled-off significantly in the recent retracement move, and now stands with bullish divergence at 46.
Although there is a little support to be found in the MACD, which contrasts this with bearish divergence at -0.011%.
Trapped in a seemingly endless downward spiral, upside potential is limited here with a return to $1.6 likely to meet tough resistance once more (limiting upside to +16%).
Meanwhile, downside risk remains similarly limited with a foundational support level at $1.25 likely forming a baseline (limiting downside to -9.35%).
This leaves NEAR with a tricky risk: reward ratio of 1.71 – seemingly positive but against a bleak headwind of long-standing downside movements.
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