After closing at $1.84 today, NEAR Protocol opened today at $1.84, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, NEAR Protocol retains a distinct $1.81 to $1.85 daily range.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates NEAR Protocol is in an overbought condition. According to asset volatility analysis, NEAR's upper Bollinger Band® is at $1.87 which indicates a further downward move may follow. Technical chart analysis shows NEAR Protocol could begin to recover as it approaches significant support, now 7 cents away from $1.73. Dipping below could be an indication that further losses are ahead.
Notwithstanding NEAR's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Litecoin retreats 2.73% to trade around $83.95.
Positive performances can be seen by looking at other markets as UNICORN Token USD added 1,101,200% to its value, now trading at $6.03. FTX Token gained 9.54% and is currently trading at $1.36.
Approximately 11 months ago, NEAR reached a significant high of $20.2 but has struggled to hold onto its gains and declined 90.91% since then. NEAR Protocol has a market cap of 1.52 billion with an average daily volume of 18.81 million.