NEAR Technical Analysis: $12 Rejection Teases A Bullish Pattern

The NEAR coin price fails to rise above $11.65 and retraces to the 200-day EMA. Will the trend-defining EMA propel the prices higher? Key technical points: The NEAR coin price reverses from $11.65 The Stochastic RSI shows the end of a bull cycle The 24-hour trading volume in the Near Protocol token is $1.02 Billion, indicating a 30% rise. Past Performance of NEAR NEAR coin price breaks above the consolidation phase observed above the $8 level with a growth of 35% within 48 hours, resulting in bullish engulfing candles. The rally broke above the 200-day EMA and the merger of 50 and 100-day EMA. However, despite the phenomenal growth in buying pressure, the rally fails to surpass $11.65. Source-Tradingview NEAR Technical Analysis The NEAR coin price shows a weak lower price rejection from the 200-day, which hints at the cup and handle pattern formation. Moreover, the downfall retests the $10 mark and increases the chances of post-retest reversal. The rally fails to sustain above the merged 50 and 100-day EMAs and shows a trend reversal. Moreover, the merged EMAs show a slight divergence that may shortly result in a bearish crossover. The Stochastic RSI indicator shows the K and D lines starting the bear cycle with the recent crossover in the overbought zone. However, the lines show sustenance above 70%, indicating a possible reversal. The MACD Indicator shows the fast and slow lines maintaining a bullish alignment, but the satur...