• 23 July, 2024
Market News

NEAR Protocol Analysts Examine Market Trends and Future Predictions

The NEAR Protocol, a prominent layer-one blockchain, is currently navigating a complex market landscape, exhibiting significant fluctuations in its trading patterns. After retesting its Range Low, NEAR has shown resilience and maintained stability, which could potentially spearhead a bullish reversal. However, the process is still ongoing, and the outcome remains uncertain.

Rekt Capital, a crypto trader, and analyst, shared insights on an X post providing insights regarding the NEAR Protocol’s price movements.

Moreover, NEAR’s recent performance has caught the attention of investors and traders alike. A significant milestone was its impressive surge of almost 150% following a breakout from its main pattern, signaling a new macro uptrend. This rally was further bolstered by a 110% increase after being featured in the Altcoin newsletter in mid-November, cementing NEAR’s growing relevance in the cryptocurrency market.

However, the journey has not been without its challenges. NEAR faced a rejection at the $4.36 range high, a critical resistance level, and is now positioned for a potential monthly close below this mark. Despite this setback, NEAR remains within the identified trading range, hinting at the possibility of revisiting the low range soon. Stability in this zone could pave the way for another attempt to breach the $4.36 threshold.

In the past 24 hours, NEAR has experienced a notable dip, with its price falling by over 8%, currently trading at $3.69. This movement reflects a bearish market sentiment, exacerbated by a 12% decrease in the 24-hour trading volume, now standing at $509 million. NEAR’s market capitalization, at $3.69 billion, places it among the top 100 cryptocurrencies.

NEAR/USD daily price chart, Source: TradingView

The technical indicators also point towards a bearish outlook. The Relative Strength Index (RSI), hovering around 58, indicates a neutral to bearish market condition. The Moving Average Convergence Divergence (MACD) further corroborates this sentiment, with the MACD line positioned below the signal line and a diminishing bullish momentum as evidenced by the histogram. Additionally, the Smooth Moving Average (SMA) 20 line at $3.46 remains a critical level, with a break below signaling a potential downtrend.

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