•NEAR/USD is currently priced at $3.21 and has decreased by 6.88% over the past day
•The trading volumes have increased by 217.33% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: NEAR Protocol bears wipe the floor with the bulls
The NEAR Protocol price today is $3.21 USD with a 24-hour trading volume of $255,367,906 USD. NEAR Protocol is down 6.88% in the last 24 hours. The trading volumes have increased multifolds over the past day as a result of increased profit booking occurring at the current price levels whereas the Volume to Market Cap Ratio stands at 0.09896 for the altcoin.
NEAR Protocol has been in a protracted downtrend for the past several weeks and the downside shows no signs of improvements as is demonstrated by the development of the large red candles on the four hour chart. The NEAR Protocol Price is currently transacting below the 20,50 SMA on the four hour chart and hence, the increased selling pressure is evident in the price action which indicates a downfall below the $3 support mark. On the flip side, the resistance for the altcoin is placed at $3.50 mark as the investors await bullish sentiment to rise again with bated breath.
Long Term View for NEAR Protocol Price
NEAR Protocol has had a shoddy few months recently and the selling pressure shows no signs of slowing down. After providing a momentary relief to the investors, the asset has reverted back to its old bearish shell. The red histograms have developed on the daily MACD chart as a result of bearish crossover two days ago. The MACD and signal lines continue to transact in the negative zone as well, which depicts the underlying bearishness prevailing in the market. The RSI, on the other hand, has succumbed below the 14-day average line and is currently transacting at 31.46. A slight nudge from the bears would be enough for the altcoin to enter the oversold territory in the coming days.
Conclusion
The NEAR Protocol price analysis knocks off a highly bearish vibe with astronomical rise in selling pressure. Hence, the altcoin is likely to continue on its descending path in the days ahead.
Support: $3
Resistance: $3.50
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.