Near Price Action: Compression Builds Ahead of Potential Break
Near (NEAR) is currently trading at $1.83 after a -2.76% session, with top traders running a 65% long book and open interest expanding 3.68%. This compression has raised questions about the cryptocurrency's next move.
Despite slipping below its 7-day SMA at $1.86, Near is holding above its 20, 50, and 200-day SMAs at $1.79, $1.78, and $1.64 respectively. This indicates a bullish longer-term stack, according to expert Zach Anderson.
The momentum indicators are also pointing towards exhaustion and compression, with the MACD histogram flatlining at zero. The RSI is hovering just above the midpoint at 52, and the Stochastic %K is running ahead of its %D at 37.
Anderson notes that smart money is aligned with retail in their positioning, which is a bullish sign for Near's price action. However, there is still friction preventing liftoff, with eager sellers absorbing bids but not overwhelming them.