What to know:
- NEAR price outlook hinges on $1.90 support as traders watch for buyer demand to return.
- Analysts say NEAR’s pullback remains a reset, with $2.40 marked as the upside target.
- CoinGlass data shows futures volume and open interest rose during NEAR’s latest drop.
NEAR price outlook came under pressure on Tuesday, as traders watched whether buyers could defend the $1.90 support area. Data showed weaker spot performance, while rising activity kept attention on the token’s next move near key support.
At the time of writing, Near Protocol (NEAR) is trading at $1.96, having dropped by 7.37% in the last 24 hours. According to CoinMarketCap data, the trading volume increased by 16.69% to reach $312.63 million. The token’s market capitalization dropped 7.47% to $2.55 billion.
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NEAR Price Outlook Holds Bullish Setup Above $1.90
Crypto analyst CoinCodeCap Trading highlighted that NEAR’s previous bearishness from a double-top breakdown is beginning to lose strength.
The analyst further noted that the broad-based uptrend is still in place for the time being. The NEAR price forecast was called a reset, not a complete trend change.
The analysis also shows that momentum is neutral. This allows the NEAR price outlook to bounce without exhibiting overbought conditions. A firm break above $1.90 could lead to a rise towards $2.40.
That would imply an upside of close to 20% from current levels. A break below $1.90 would dampen the setup, though. If so, then the next downside area may be in the vicinity of $1.60.
The trading set-up was to place the buy zone at $1.90. The analyst also mentioned the stop loss at $1.77 and the target at $2.40. The support levels were at $1.90 and $1.60. The resistance levels were set at $2.40 and $3.00.
As long as NEAR holds the $1.90 zone, the higher time frame trend is bullish. A clear loss of that level would increase pressure on the token. The NEAR price forecast now hinges on whether the demand will be seen before the price heads toward its lower support.
NEAR Price Outlook Eyes Yearly Open as Key Reaction Zone
In addition, another analyst, Berkan, also highlighted key areas in the ongoing pullback. He added that NEAR approached the $0.970 price before heading towards $3. Following this rally, the token was in a correction phase.
Berkan added that the $1.829 level is the first area he is tracking. Scalp trading might be possible in the short term with a reversal structure near that area. He also pointed to the Yearly Open as a level that may be worth considering for long setups.
If the NEAR price outlook moves toward the Yearly Open, Berkan said he would assess price action before taking a long position. A strong response from that area could help spot accumulation, he added. His upside target remains at $3.625.
Derivatives Data Shows Mild Positive NEAR Positioning
Derivatives data showed active trading during the price decline. CoinGlass data shows futures trading volume up 14.58% to $541.24 million. Open interest increased 1.93% to $417.51 million. The NEAR price outlook was also mildly positive, with the OI-weighted funding rate at 0.0073%.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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