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- NEAR price is currently looking to move for a new high in the future. The asset price is currently down by 5% in the intraday session.
- Technical indicators of the Near protocol are not favoring the bulls. NEAR/BTC pair has seen a drop of 1.74%.
NEAR Protocol is a layer one blockchain which was designed as a community-run cloud computing platform which eliminates some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput and poor interoperability. It provides the ideal environment for Dapps and creates a developer and user-friendly platform.
NEAR Protocol is ranked 23rd as per their market capitalization. The volume of the asset has seen an upside of 7% in the intraday session. The ratio of volume and market cap is 0.1377 suggesting a consolidation in price.
Are Technical Indicators Favoring The Bulls?
The weekly technical chart of the NEAR price suggests that the bulls are gathering for a new high. On coming to the daily chart, the asset price is trading near the value of $5.37. The upside trend of Near Protocol can see a halt near the value of $8. The downside of the asset can see a halt near the value of $3.5. The asset is currently below the 100 and above 50 Daily Moving Average. There is formation of a circular pattern which suggests a strong momentum in the future.
RSI: RSI of the asset is at 65 suggesting its presence in the oversold zone. The overall sentiment of the RSI is neutral.
Conclusion
NEAR Protocol is currently in a consolidated trend and may see a breakout to a new high in the future. One should do their due diligence before investing.
Technical Level
Major Support: $3.2-$3.5
Major Resistance: $7-$7.2
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
