NEAR is range-bound between $2.8 and $3.07 today after shedding $0.19 and closing at $3.05 today.
Trend-following investors would be interested to note that NEAR Protocol made an initial break below its 21 day Simple Moving Average at $3.02, a possible indication of a forthcoming negative trend. NEAR Protocol formed a session range of $2.8 to $3.07 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $2.83. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $2.78, a low enough level to, generally, suggest that NEAR Protocol is trading below its fair value. Chart analysis indicates NEAR could begin to recover as it approaches significant support, now 10 cents away from $2.97. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests NEAR Protocol is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, FTX Token closed at $15.1 (down 31.6%). Solana is down to $26.37, losing $3.24, after closing at $29.61 in the preceding trading session. Dogecoin is down $0.008 from the beginning of the session and now trades around $0.104.
NEAR is now trading 84.88% below the significant high of $20.2 it set around 9 months ago. NEAR has a market cap of 2.35 billion with an average daily volume of 28.76 million.