- Near Protocol has reclaimed its annual low of 2022 in a single intraday trading session.
- The RSI indicator continues to consolidate in the oversold area on the daily price chart.
- The Near Protocol pair with Bitcoin is trading with a drop of 7% at 0.0001819 Satoshis.
The Near Protocol again turned bearish as altcoin investors failed to reclaim costs above the short-term resistance of $6.5. Prior to the correction phase, the coin saw a sharp rally in March, where the crypto rose over 110% to reach April highs.
Traders observed a strong bearish candle on May 11 where holders lost the crucial support level of $10 with a fall of almost 31.9%. From there, price action continues to suggest a downtrend, staying below a falling trend line on the one-hour price scale.
The NEAR coin is down 15% so far this week. Therefore, investors are afraid of a recovery attempt. Thus the NEAR coin is trading at $5.3 at the time of writing. Meanwhile, the market cap fell 8.7% to $3.7 billion as per CMC data for the last 24 hours. Moreover, the Near Protocol pair with Bitcoin is trading down 7% at 0.0001819 Satoshis.
According to the RSI indicator, when it is present above the halfway mark (50 points), there is a bullish rally. But looking at the prevailing conditions, the RSI indicator on the daily price chart continues to consolidate in the oversold zone.
What should be the next move?
The 20 EMA NEAR Protocol is watching above the current price of the coin as per the daily scale. So volatility remains weak. Thus, last night, the trading volume over the last 24 hours appears to be neutral at $431 million.
Conclusion
The bulls are losing their dominance over the Near Protocol coin. Moreover, given that the bulls failed to maintain the daily price above its 90-day lows, further downside can be expected.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
