The Near Protocol ( NEARUSD ) is at the closest it has been to the 1D MA200 ( orange trend-line) in more than 9 months as there hasn’t been any contact since May 05 2022. Even in the event of contact or even marginal break-out, it is not the time to celebrate as within the Bear Cycle’s Channel Down (since January 14 2022), there have been another two similar occasions that both started on a Higher Lows bottom but failed to break above the Resistance Zone formed by the previous Lower High of the bearish leg.
That is currently a little below the 0.382 Fibonacci retracement level. In order to extend our buying, we need to see a break above the top (Lower Highs trend-line) of the Channel Down, in which case we expect the price to fill the upper Fibonacci levels one by one.
Note that the 1D RSI invalidating a Bearish Divergence is a positive sign.
