NEAR Technical Analysis: $8 Fallout Fuels The Downtrend Momentum

The NEAR coin price action continues the downfall with the $8 breakout and gains bearish momentum to reach the $6.35 support level. With the downtrend momentum increasing after the breakout of 200-day EMA and the $10 mark, the NEAR coin prices succumb within $8 and continue the fall to approach $6.35. The increasing selling pressure and the correction in the overall crypto market warn of a bearish continuation. Key technical points: NEAR coin price breaks the $8 mark. The price chart shows the 50 and 100-day are ready to give a bearish crossover. The 24-hour trading volume in the Near Protocol token is $606 Million, indicating a 55% rise. Past Performance of NEAR The NEAR token price action shows the failed bullish attempt to sustain above the 50-day EMA, creating a downfall below the $12 support zone. The free fall cuts through $10, the 200-day EMA, followed by the $8 mark with the recent 9.34% fall in the past 24 hours. Accounting for the total fall from the failure to withstand sellers above the 50-day EMA, the coin price has depreciated by up to 45%. Source-Tradingview NEAR Technical Analysis The NEAR coin price shows the possibility of a downfall continuation to the next support of $6.35 as the 9.34% breaks the $8 support level in the past day. Hence, traders can find selling opportunities at current prices. The crucial 50, and 100-day EMAs continue to approach each other and increase the chances of a bearish crossover. M...