After closing at $2.06 today, NEAR Protocol opened today at $2.06, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, NEAR Protocol retains a distinct $2.03 to $2.09 daily range.
NEAR Protocol could begin to recover as it approaches significant support, now 1 cents away from $2.04. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, NEAR Protocol peaked above its 3 day Simple Moving Average around $2.07 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1.94, a low enough level to, generally, suggest that NEAR is trading below its fair value.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems NEAR Protocol is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, EOS is trading around $1.19 (down $0.02). Algorand USD is trading around $0.221 (down $0.005).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Over the past 11 months, NEAR has retreated 88.31% from a noteworthy peak of $17.58. NEAR is currently trading with a market cap of 1.76 billion with an average daily volume of 125.52 million.