NEAR Protocol NEAR Cryptocurrency. SushiSwap coin growth chart on the exchange, chart. High quality illustration
The near protocol price is down by a percentage point today, continuing a long-term bearish trend that has seen it lose 18 per cent of its value in September. The performance in the past few trading sessions has been surprising, considering the Near protocol had been among the best performing cryptocurrencies in the industries in July and August.
However, the correlation with the industry has seen its prices getting dragged down by the other major cryptocurrencies. Investors are also in the extreme fear category of the fear and greed index, meaning money coming into the project has also been limited.
There are many technical factors that point to the Near Protocol price continuing to fall in the coming few trading sessions. On September 12, it hit the $5.29 resistance level. However, the price failed to break to the upside and instead started a strong and aggressive push to the downside. Therefore, it is likely that the price will continue falling until it hits the $2.87 support level.
Looking at the chart below, it is also clear from the signals that the Williams Alligator is giving that the Near Protocol price is in a long-term bearish trend. Since September 18, the lines have grown wide apart, a sign of momentum in the markets to the downside. The indicator also shows a likelihood of the continuation of the current trend.
Therefore, my Near Protocol price prediction expects a likelihood that we might see prices falling for the next few trading sessions. The likelihood of the $2.87 support level being hit remains high, especially if the cryptocurrency industry continues to be aggressively bearish as we have seen in the past few weeks. My bearish analysis will be invalidated should the prices trade above the $4 price level. At that point, it will point to a trend reversal, and I will look to go long.
This post was last modified on Sep 30, 2022, 14:27 BST 14:27