Hello merchants!!! Here’s another TA on Near Protocol on 1D chart.
The MAs are 50, 89 and 200. The sea green MA is the 50 MA which can be used to determine when trend changes or when trend is about to change. The 200 MA helps us understand a long term trend.
The bullish impulse from a week ago that brought price to $11.9 couldn’t take price above the strong resistance at the 50 MA after testing it. At $11.9 price level, Near Protocol formed a triple top (can be seen clearly on the 4H TF). Triple tops result in a massive sell, hence the bears brought price to $9.3 today.
The 50 and 89 MAs crossing each other and also having the candlesticks stay below all three MAs is a signal for continuous bearish movement.
Nonetheless, the porous support at $10.2 has become a good test for the next market impulse. If price goes back upwards and makes a +50% price change above $10.2 price level, we could be certain that the bulls are back into market.
NFA Meanwhile, trade cautiously. Good luck trading