Price Analysis View Non-AMP

Near Protocol’s Crash Warns 23% Downside Risk To $3.52!

Published by
Sohrab Khawas

Amid the recent volatility in the altcoin market, the Near Protocol shows a bearish reversal gaining momentum. With a bearish engulfing candle turning the tides, crucial supports are at risk. 

Will the bearish cycle in this altcoin result in a crash below $4 for an extended crash? Find out more about our NEAR price analysis. 

NEAR Price Performance

With a market cap of $5.57 billion, the Near Protocol token is trading at $4.59. In the past 24 hours, the NEAR token price has declined by 6.03%, resulting in a drop in 7-day growth to 1.70%. 

Currently, the bear cycle within the NEAR token price trend is testing a crucial support trend line. The support trend line completes a symmetrical triangle pattern in the daily chart.

Furthermore, the bearish engulfing candle formed yesterday with a drop of 5.93% breaks below the 50-day EMA. However, the doji candle formation near the support trendline teases a potential comeback with a morning star pattern in the Near protocol. 

Technical indicator:

RSI: The declining RSI line reveals a bearish divergence at play, increasing the chances of a downfall below the support trend line. 

EMA: Despite a bearish alignment, the 50D and 200D EMA teased a golden crossover. However, the recent crash limits the possibility of a golden crossover. 

Will The NEAR Token Price Drop Below $4?

Currently, the Near Protocol token price is trading below the 23.60% Fibonacci level and closing in on the 4.310 support zone. In case of a bearish breakdown, the crucial support levels for the NEAR token are present at the $4.00 psychological mark and $3.50 support level. 

On the upside, the bullish reversal will have to face off against the overhead trend line near the psychological mark of $5.00.

Curious if a bullish reversal in NEAR token price will reclaim $10? Check out Coinpedia’s NEAR price prediction from 2024 to 2025 to find the next reversal spot.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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