NEAR Price Declined By 40% This Month; Will Buyers Bounce Back?

• The Near Protocol price has slipped below the 200-day exponential moving average.
• The trading volume has increased by 150% in the past 24 hours.

In October 2024, the NEAR price reached a multi-year low and bounced back by 800% in 6 months. The Near Protocol price approached a 52-week high of $9 in March and displayed weakness. The price tried again to reach the last swing high, but sellers were strong and dragged down the price below the 200-day EMA.

In the first week of March, the digital asset price triggered a breakout from the 20-day EMA but could not continue. After a fake breakout from the 20-day EMA, the NEAR crypto price witnessed strong selling pressure of 40% in 2 weeks.

At press time, the Near Protocol price traded at $1.82 with an intraday fall of 7.80%. The market capitalization is $5.09 Billion, and the 24-hour trading volume is $426.94 Million. The circulating supply is 1.08 billion, and the total supply is 1.19 billion.

Bullish for Investors?

The Near Protocol price has dropped to the previous buying zone on a weekly time frame. A source in X suggests that the NEAR price is expected to bounce back from the $5.50 and $4.00 levels, which are also buying zones. The higher time frame demonstrates that the trade is for a longer duration, and investors may be eyeing the two-digit target in the next few months.

Near Protocol Price Technical Analysis on 1-D Timeframe

In a daily time frame, the NEAR price has been bullish since October as it has defended the 200-day EMA. Sellers have recently been dominant, and the price has slipped below the 200-day EMA, showing the sellers’ involvement.

Suppose the NEAR price bounces back and exceeds the 200-day EMA; most sellers might be trapped and face strop losses. The liquidity grab may result in strong buying pressure. The price over the 20-day EMA may attract the buyers to knock the $10 mark in the next few weeks.

On the other hand, recent selling pressure might begin a bearish trend. Suppose the Near Protocol crypto price is below the 200-day EMA, the sellers may become confident, leading to a bearish trend. If the buyers fail to defend the $2.50 mark, the price may eye for an all-time low.

Based on the technical indicators, the Near Protocol price is trading below the key moving averages, showcasing the bearish momentum. MACD has generated a death crossover with the Signal line and formed red histograms.

Conclusion

Based on the technical analysis and market observations, the Near Protocol price has experienced a significant decline and is currently facing selling pressure. However, there are indications that the price may have reached a potential buying zone, particularly in the $5.50 and $4.00 levels. 

Investors with a longer-term perspective may find this price level attractive, with the possibility of a bounce back and a potential two-digit target in the coming months.

Technical Levels

According to the chart structure, the Near Protocol price is expected to take support on the $4.50 and $2.50 levels. It may face resistance from the $8.30 and $13 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.