NEAR Protocol Cryptocurrency Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Weaker technical forecast for NEAR Protocol as cryptocurrency downgraded to Hold/Accumulate.
(Updated on May 27, 2024)
The NEAR Protocol cryptocurrency price fell by -1.66% on the last day (Monday, 27th May 2024) from $7.90 to $7.77. During the last trading day the cryptocurrency fluctuated 3.74% from a day low at $7.68 to a day high of $7.97. The price has fallen in 6 of the last 10 days and is down by -2.97% for this period. Volume has increased on the last day by 33 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 468 million shares were bought and sold for approximately $3.63 billion.
The cryptocurrency lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $8.20 will firstly indicate a stronger rate of rising. Given the current short-term trend, the cryptocurrency is expected to rise 35.10% during the next 3 months and, with a 90% probability hold a price between $7.96 and $11.09 at the end of this 3-month period.
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NEARUSD Signals & Forecast
The NEAR Protocol cryptocurrency holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $7.81. On a fall, the cryptocurrency will find some support from the long-term average at approximately $7.35. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Saturday, May 25, 2024, and so far it has fallen -4.74%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the cryptocurrency should be followed more closely.
Support, Risk & Stop-loss for NEAR Protocol cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $6.89 and $6.76. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, NEAR Protocol finds support just below today's level at $6.89. If this is broken, then the next support from accumulated volume will be at $6.76 and $6.65.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.287 between high and low, or 3.74%. For the last week, the cryptocurrency has had daily average volatility of 5.75%.
Our recommended stop-loss: $7.40 (-4.78%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 43 days ago.)
Trading Expectations (NEARUSD) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect NEAR Protocol to open at $7.81, and during the day (based on 14 day Average True Range), to move between $7.19 and $8.35, which gives a possible trading interval of +/-$0.582 (+/-7.49%) up or down from last closing price. If NEAR Protocol takes out the full calculated possible swing range there will be an estimated 14.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.87 (1.26%) than the support at $6.89 (11.27%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is NEAR Protocol cryptocurrency A Buy?
NEAR Protocol holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.741 Hold/Accumulate Downgraded
Predicted Opening Price for NEAR Protocol of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| $7.81 ( 0.468%) | $7.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEARUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.09 | 4.16 % | |
| R2 | 7.98 | 2.75 % | ||
| R1 | 7.92 | 1.88 % | ||
| Current price: | 7.77 | |||
| Support | S1 | 7.70 | -0.94 % | |
| S2 | 7.63 | -1.82 % | ||
| S3 | 7.52 | -3.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.99 | 2.87 % | |
| R2 | 7.93 | 2.01 % | ||
| R1 | 7.87 | 1.26 % | ||
| Current price | 7.77 | |||
| Support | S1 | 6.89 | -11.27% | |
| S2 | 6.76 | -13.01% | ||
| S3 | 6.65 | -14.38% |
FAQ
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