Having ended the last trading session at $1.95, NEAR Protocol dropped to $1.81 today, hitting its lowest point in 1 year. Later, it recovered $0.086 and is now trading at $1.89.
Chart analysis indicates NEAR Protocol could begin to recover as it approaches significant support, now 6 cents away from $1.83. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest 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. Momentum evaluation shows that the Relative Strength Index indicates NEAR Protocol is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $1.78, a low enough level to, generally, suggest that NEAR is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates NEAR will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.051, TRON lost $0.002 and is trading around $0.049.
Positive performances can be seen by looking at other markets as FTX Token is up 10.16%. Solana is up 7.55%.
NEAR Protocol is now trading 90.33% below the significant high of $20.2 it set around 9 months ago. NEAR has a market cap of 1.57 billion with an average daily volume of 36.38 million.