NEAR is grinding lower from $2.32 to $2.12, shedding $0.197 (8.5%) today.
Chart analysis suggests NEAR Protocol could begin to recover as it approaches significant support, now 5 cents away from $2.07. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. NEAR bounced $0.095 away from Fibonacci support at $2.03. Analysis based on the asset volatility indicates that NEAR Protocol's lower Bollinger Band® is at $2.21, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests NEAR Protocol has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $3.51, FTX Token lost $0.773 and is trading around $2.74. Dogecoin drops 7.12% to trade around $0.083. Solana drops 8% to trade around $16.25.
Having set a significant high of $20.2 2 days ago, NEAR is trading 14.39% lower. NEAR Protocol is currently trading with a market cap of 1.74 billion with an average daily volume of 34.98 million.