In a recent video, Cheeky Crypto’s Nick discussed the technical analysis of Near Protocol (NEAR) on various timeframes, indicating potential bearish signals.
Key Takeaways
- Near Protocol (NEAR) is trading below the 50 EMA and the 200 EMA on both the daily and weekly charts.
- A death cross is impending on the one-hour timeframe, with the 50 EMA about to cross below the 200 EMA.
- Short-term price movement is uncertain, with a possibility of ranging sideways.
- Medium-term prospects for NEAR are not optimistic, and further downside is expected.
- Despite the bearish outlook in the short and medium term, the long-term potential for NEAR is seen as positive.
Technical Analysis
Nick began by analyzing Near Protocol on the one-hour chart. He noted that there are signs of volatility and potential false signals. He also mentioned that a death cross is impending, which is a technical indicator that often signals a bearish reversal.
On the daily chart, Nick confirmed the bearish signals, with NEAR trading below the 50 EMA and the 200 EMA. He believes that the medium-term prospects for NEAR are not optimistic, and further downside is expected.
The weekly chart also shows NEAR trading below the weekly 50 EMA. This suggests that the bearish trend is likely to continue in the coming weeks.
Long-Term Outlook
Despite the bearish outlook in the short and medium term, Nick is bullish on Near Protocol’s long-term potential. He mentioned the ongoing developments and building activities in the Near Protocol ecosystem.
Conclusion
Nick’s technical analysis of Near Protocol provides valuable insights into the current price situation and potential future scenarios. However, it is important to note that all technical analysis is subject to interpretation and should not be taken as financial advice. Investors should always do their own research before making any investment decisions.
