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- 1 NEAR Protocol price faced rejection from the upper level and slowly reverted down.
- 2 NEAR price returned to its dynamic support levels and eroded the gains of previous months.
- 3 The trend of this crypto has shifted in a downward direction.
NEAR Protocol price continued its decline after facing resistance from the higher levels. It is making a bearish pattern and is gradually losing the previous month’s gains.
NEAR price failed to keep the $4.64 level and reversed down. It shows buyers can’t sustain the bullish pressure and stopped down.
Currently, NEAR Protocol crypto is in a strong decline, having dropped below both the EMAs. It signals that sellers are in control and the directional trend is in a downward direction.
NEAR started February on a bearish tone and it looks like bears are tightening their hold. The price looks oversold so a small bounce may happen any time from the lows.
The chart pattern of this crypto is very bearish. So any short-term rebound might be a chance for short sellers. Until NEAR recovers the $3.50 level and stays above it, the sellers will keep their dominance and limit the uptrend.
NEAR Protocol is back to the breakout level at $2.62544994, from where it gained momentum. If the price drops more and falls below it, be ready for new lows.
Will the NEAR Protocol Price Decline Further or Show a Bounce?
The price lost its bullish strength and caught the short-term bulls on higher levels. After studying the price behavior, it can be said that the NEAR price got inflated by the speculators for common benefits.
The bubble is now getting popped due to which big players are leaving, which is evident in the chart. The analysis indicates the hype of NEAR reversal is ending. So, it’s better to stay away from making any bets. The volatility in NEAR crypto is high.
NEAR counts among the top cryptocurrencies. Since this volatility is high, sudden moves in any direction may happen any time. It created hope for a bullish trend reversal, but as time went by, it became clear that the previous move was just a trick.
Until some big investors invest money, it could be challenging for NEAR Protocol to recover. The short-term traders may look to sell on the rise for profits. However, long-term investors must avoid it until any trustworthy sign of turnaround is visible.
Summary
NEAR Protocol price plunged after it met resistance at the $4.64 level. The chart pattern clearly shows that the previous surge was just a trick and lacked real buying. Therefore, more fall is likely in NEAR. So, it’s better to stay away from putting money in it.
Technical levels
Resistance levels: $3.8383 and $4.64382.
Support levels: $2.62598663 and $2.25330707
Disclaimer
This article is for informational purposes only and does not provide any 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 own research before making any financial decisions
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
