Is It Time to Buy NEAR?

The price of Near Protocol (NEAR) has been on a downward trajectory for more than a week, prompting crypto traders and investors to consider purchasing the cryptocurrency at lower valuations.

NEAR is currently at a crucial juncture. The upcoming price action could either establish NEAR's top or provide a solid entry point for investors.

Daily time frame analysis

NEARUSD - 1 Day Time Frame

NEAR recently failed to sustain above the Value Area Low (VAL), as indicated by the Fixed Range Volume Profile, and is now rejecting the daily 200MA. This indicates that NEAR's last attempt to rally may have failed, suggesting a potential trend shift.

NEAR is likely to remain below the 200MA for a while longer than it did a few weeks ago, contingent on the performance of Bitcoin. Should Bitcoin break out and reach new highs following the FOMC meeting on July 31st, a breakout from NEAR above the VAL would present an excellent entry opportunity.

Conversely, the FOMC meeting is more likely to set a top, with anticipated rate cuts on September 18th potentially marking a bottom. Despite this, given the positive developments within the crypto space, the bull market is likely not over, and oversold pullbacks could offer great opportunities to build positions.

NEAR has demonstrated its strength in this bull market, making it a promising investment choice. However, it is essential to wait for price confirmations. If Bitcoin tops and NEAR declines to the marked Pivot, it may range there for days or weeks.

A strong breakout from this range could provide an excellent entry point. Alternatively, NEAR could fall below this pivot and find support at the old Point of Control (POC) indicated by the Fixed Range Volume Profile.

If this level fails to hold, the February lows represent the last support. NEAR might never fall below the Pivot, making it critical to watch for breakouts at this stage of the bull market.

NEAR has proven to be a robust asset. With the US presidential elections approaching, NEAR could potentially revisit the Value Area High (VAH) or Local Top.