The NEAR Protocol price has showcased retracement moves and has retested the 20 day EMA mark this week. Additionally, the buyers failed to hold the region and selling pressure led to a cut over 7% in the intraday session. The price action showcased seller intention to push the coin toward the 50 day EMA mark near $5 mark. However, if bulls succeed to hold the $6 mark, a rebound towards $7 can also be seen and sharp volatile moves are anticipated.
At press time, the NEAR Protocol (NEAR) price was trading at $6.23 with an intraday drop of 7.44%, reflecting neutrality on the charts. It has a monthly return ratio of 38.10% and 230% on a yearly basis. The pair of NEAR/BTC is at 0.0000940 BTC, and the market cap is $3.78 Billion. Analysts are neutral and suggest that NEAR price may hover near the 20 day EMA mark and will face selling pressure in the next few sessions.
NEAR Protocol Showcases Retracement On Daily Chart
After a sharp rally of over 135% last month, investors have started profit booking and retracement moves were noted on the charts. However, the trend is neutral and the coin may continue to stretch the up move. Bulls need to cross the upside of $7.30 and strike the trendline hurdle to resume the bullish waves. The intraday trading volume jumped over 7.05% to $443.90 Million demonstrating an average level of investor interest.
Price Volatility & Sentiment Outlook
The above chart showcased the price volatility and sentiment data, the price volatility noted a surge of over 75% and jumped to 0.025. Similarly, the total weighted sentiment value remained in the positive region, noting around 0.51, highlights a bullish outlook.
Social Dominance & X Follower Overview
Per the Santiment data, the social dominance value depicted average movements, noting around 1.162% signifying neutral discussions and media interaction. However, the twitter followers remained stuck around 1700 showcased average investor interest.
What Does Development Activity and Open Interest Indicate?
The data shows that the development activity reflected a steady rise, surging by over 18% to 213 this week. However, the derivative data signifies long unwinding, the open interest fell over 1.80% to $193.82 Million.
Per the Fib levels, the NEAR price has retested the 50% zone and is close to the mid bollinger band support zone. However, the RSI curve stayed near the mid line signifying a negative divergence on the charts.
The total supply of the NEAR coin is 1 billion, whereas the circulating supply is 607.84 million. The volume to market cap ratio is 0.117, whereas it stands at 31 per the market cap in the global crypto market.
Summary
The NEAR price has slipped below the 20 day EMA mark zone and displaying a sell-off in the last sessions. The coin may retest the downside region near the $5 mark and is delivering bearish waves on the charts.
Technical Levels
Support Levels: $6 and $5.30
Resistance Levels: $6.70 and $7.20
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.
