- The price of the crypto has been consistently declining since its ICO and is down by 94.44% from its all-time high.
- The Near Protocol has a maximum supply of 1 Billion NEAR.
Near Protocol has a market cap of $1.07 Billion, which is showing a positive change of 0.73% in the last 24 hours following an advance of 0.07% in the trading volume, whose current value is $41.13 Million.
Following the technical data as per the Tradingview platform, the majority of the oscillators are neutral but the Moving Averages on the multiple timeframes are negative, indicating bearishness and the presence of sellers in the market. The crypto is also showing a long liquidation of 114.59K in the last 24 hours, which is much higher than a long liquidation. This shows the power of sellers in the current market scenario.
The NEAR crypto has a total supply of 1.0 Billion and a circulating supply of 941.67 Million NEAR. The crypto has a volume/market cap ratio of 0.0501 and a market cap dominance of 0.1%. The market sentiment for the coin is bullish, as more than 75% of the traders are feeling positive about the crypto, as per the data provided on Coingecko.
Near Protocol Price Technical Analysis
The price has been making consistently lower lows, which led to the formation of a descending triangle pattern due to a huge decline in price from the all-time high price of $20.44. This behavior of the market represents the pessimism among the traders in the market for crypto.
As the price of the crypto has been declining from the higher levels, multiple EMA’s following the 50-day and the 200-day EMA are trading above the price of the crypto, and the EMA’s are following a death cross, which represents a strong downtrend in the market.
The RSI for the Protocol is volatile and bearish on the charts, as it is trading below the 50 level following oversold zone levels. This indicates further bearishness in the price and a lack of bullish momentum in the charts.
Near Protocol Volume Analysis
The derivative volume of the crypto does not show any significant activity except an advance of 70% in the last 24 hours but as compared to the volume of April 2022, the current volumes are so much lower. This also represents the loss of interest among traders in crypto.
Conclusion
The NEAR crypto is following a negative price structure as it has been consistently declining from the higher levels, leading to a negative change of character in price and the RSI is also bearish, representing a lack of momentum following death crossing EMA’s and dried volume in derivatives.
Therefore, the price of the crypto may continue to decline unless it changes its character to bullish on charts and breaks above the descending triangle pattern following a breakout above the 200-day EMA price.
Technical Levels
- Support Level: $2.20 and $3.40
- Resistance Level: $0.800 and $1.00
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.