TA: Near Protocol Struggles To Break Out Despite Relief Bounce

Despite the relief bounce across the crypto market with the likes of BTC, ETH, and OP, surging high, Near Protocol has struggled to break out. Near is one of the many blockchain solutions with good use cases trying to provide solutions to Ethereum scalability, bridging, and contributing to the DeFi space. Near has struggled to break above its ranging channel despite being a favored coin in the crypto space. NEAR Weekly Chart After reaching its All time high (ATH) of $20.1 in January 2022, Near had struggled with its downtrend when the market became bearish, with major coins falling by 80%. Near its ATH of $20.15, it has fallen by over 75% to a region of $3.0. As of writing, NEAR is trading at $4.2, close to a major resistance before it breaks to the upside. The weekly chart for NEAR shows it is facing major resistance of $4.73 after a reversal from the low of $3.0 Breaking out of this resistance would send the price of NEAR to a region of $6.4 – $7 Weekly resistance – $4.73 Weekly support – $3.0 ATH – $20.1 Daily Chart Analysis Of NEAR Major support level on the daily chart (1D) – $3, $1.8 Major resistance on the daily chart (1D) – $4.72 NEAR on the daily chart shows not much buying or selling activity, just in a range or channel that needs to be broken to the upside or downside. The volume on the 1D chart shows less buying and selling with the relative strength index (RSI) above the 50 mark...