NEAR Technical Analysis: Buyers Struggling To Form Reversal Pattern

NEAR prices action struggles to take an upside turnaround as it retests the bullish breakout of the falling channel pattern. Key technical points: The market price has increased by 3.43% over the past 24 hours. The price action shows lower price rejection candles forming at the broken resistance trendline. The 24-hour trading volume of Near Protocol is $241 Million, indicating a rise of 6.94%. Past Performance of NEAR NEAR price action shows a bullish reversal from the $3 mark resulting in the falling channel breakout to reach $4.15. However, the bears retake trend control with a tweezer top formation resulting in a drop to the broken resistance trendline at $3.30. The retest rally struggles to regain the bullish momentum to showcase a post-retest reversal from the resistance trendline. Source- Tradingview NEAR Technical Analysis The NEAR daily candles showcase lower price rejection with tail formation over the past two days teasing the possibility of a morning star pattern. Hence, traders can expect the price to reverse sharply with a jump above the $3.5 mark. The MACD and the signal lines struggle to keep a bullish trend as they approach the zero line, as the shrinking spread suggests a bearish crossover. Thus, the indicator reveals an underlying decline in the bullish sentiments. The RSI indicator displays a recovery in the buying pressure as the slope rises from the 14-day SMA after dropping below the halfway line. Therefo...