NEAR Price Prediction: Will the NEAR Price Melt towards $1.30?

The NEAR Protocol is presently trading at $1.402 with a trading volume of $25.27 Million while witnessing a 0.43% gain during the intraday session.
The year-to-date return of NEAR price is 11.71%, and the three-month return is -23.51%.
With a live market capitalization of $1.32 Billion, it has a current supply of 914,671,517 NEAR coins.

NEAR is a layer-one blockchain designed as a community-run cloud computing platform. This delivers a flawless environment for dApps, which creates a user-friendly platform. It uses human-readable account names rather than cryptographic wallet addresses, which is common in other cryptocurrencies, like Ethereum and Bitcoin.

Source: NEAR/USDT by TradingView.

Since the start of 2023, the NEAR protocol has tremendously risen in the bullish trend. The price had steadily increased since the beginning of the year from $1.260 to an annual high of $2.843 in February 2023. But the price was respited there with a resistance level. From there, the price has shown a downward trend, which has sustained till now.

The latest NEAR price is currently in a consolidating zone while maintaining the trading range between $1.30 and $1.50. The price steadily rises during the intraday session, with a 0.43% gain, despite the negative weekly growth of -3.58%. Hence, the NEAR price is facing pressure from the bears in the market through this week. Now, its price is currently trading at $1.402.

Currently, the price is facing rejection from the 20-day EMA, and if the current candle can break the previous candle’s low, the price might melt toward the $1.30 support level.

Technical Analysis

Source: NEAR/USDT by TradingView.The Chaikin Money Flow score is 0.05 during the intraday session. The CMF indicates the uniform rise in the participation of buyers in the market remains as the slightly upward momentum rises in the NEAR price.

The relative strength index (RSI) trades at 48.05 during the intraday session. RSI denotes that the NEAR price witnesses the same pressure from the bears as well as the bulls in the market as RSI reflects the price is in the consolidating zone.

The NEAR price encountered rejection from the 20-day exponential moving average (EMA). The 20-day EMA indicates rising bearish dominance in the market.

The long and short ratio is 1.0421, with shorts at 48.97% and longs at 51.03%, representing strength in the market as the NEAR price observed a surge in price action in the last 24 hours.

Conclusion

The market structure provides a broad view of the NEAR price from the sudden surge at the start of the year, which reaches an annual high to the current scenario. A thorough analysis of the NEAR price forecast shows the current price is struggling in the consolidating zone. Now, there is a bit of fluctuation in the weekly candle. Investors should look for a long-term time frame as the current momentum in the market is uncertain.

Technical Levels

Major support: $1.116 and $1.681
Major resistance: $2.843 and $2.402

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.