NEAR Protocol Price Prediction: Will NEAR Give Triangle Breakout?

•  NEAR Protocol (NEAR) price is currently trading at $1.3.
• The NEAR coin has a market cap of $1.28 Billion.
• The 24-hour volume of NEAR crypto is $48 Million as on 9th August 2023.

NEAR Protocol (NEAR) tokens can be traded on centralized crypto exchanges. NEAR Protocol (NEAR) cryptocurrency is now moving in a downward direction. The coin has a low volume and lower lows are being formed by the price of the NEAR protocol.

The open interest in the NEAR protocol coin is $44.5 Million and it declined by 0.9% in Wednesday’s market session.

NEAR Protocol (NEAR) coin’s market capitalization has decreased by 1.4% during the past 24 hours to $1.28 Billion. This implies that sellers are active and the price might experience a downward momentum.

The 52-week high of the NEAR coin is $6.08 and its 52-week low is $1.1. As of August 9th, 2023, the coin’s average volume was $48 Million noting a fall of 1.9%. The fully diluted valuation of NEAR is $1,360,025,220.

On September 2022, NEAR Protocol (NEAR) reached a peak of $5. Since then, the price of NEAR has been falling. The coin price fell by around 75% in just three months.

Currently, the price of NEAR is trading in between the range of ascending triangles and the price is likely to drop in the upcoming days. In a year, the price of NEAR dropped by about 74%. 

NEAR Protocol (NEAR) Price Analysis

EMA

The 50-day and 100-day EMA levels are currently being traded below the NEAR Protocol price. This suggests that the price may fall in the upcoming days as a result of the weak pattern it is creating.

RSI

Currently, the price of the NEAR Protocol coin’s RSI line is trading below the simple moving average line. Additionally, the RSI is near to the 30 level which is a negative zone.  This suggests that the price may decrease later.

MACD

For the NEAR Protocol, the signal line is currently above the MACD line. The coin has given up all of its strength, and the fact that both lines are presently trading below the zero line signals that the price may shortly decline.

Conclusion 

According to the analysis, the price of NEAR Protocol (NEAR) is displaying indications of negative momentum which may favor a price decline in the near future. Indicators like the MACD and RSI can also anticipate short-term negative momentum. The volume of the coin is also observed to be declining. 

Technical Levels

• Support Level – $.1.3.
• Resistance Level – $1.5.

Disclaimer

The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.