NEAR Price Prediction: Is Fall To $1 Inevitable For NEAR Price?

• 1 NEAR price currently trades at $1.153 while witnessing a loss of 0.26% during the intraday trading session.
• 2 Near price trades below all the major exponential moving averages.
• 3 The year-to-date return of NEAR is -8.04%.

NEAR price has been in a strong downtrend since the start of February, forming lower lows and melting toward the $1 level. During mid-June, the cryptocurrency price started a bullish journey in order to recover from the losses but the move was halted at $1.53 level.

The price melted below the level from where the bullish rally began after the rejection. Recently, the price formed support at $1.11 and attempted to surge above $1.30 but the bears had a strong presence near the $1.23 level. Bears can push prices downward and the bullish move turned out to be a short-term pullback.

Source: NEAR/USDT By TradingView.

Currently, the asset price is headed downward toward the recent support of $1.11. The previous candle closed as a strong bearish candle and the current candle is melting in order to break the low to fall further downward.

There is also minor support at $1.13 and the NEAR price might form a support to retest the resistance level of $1.23.

Chain Activity Of Near Protocol

The daily active addresses of Near Protocol have surged since 29 August, 52,810 to 251,080, which is the highest in 2023. In the past 90 days, the daily active addresses have increased by 401.4% which is a good sign for the NEAR Protocol. The daily transaction has also witnessed a strong uptick of 55.8% in the last 90 days, reaching 507,882.

However, the total value locked has taken a hit and fell 5.4% in the past 30 days. The current total value locked is at $33.9 Million. The decentralized exchange volume has increased by 42.5% in the past 30 days, amounting to $1.8 Million.

Will NEAR Price Continue Falling?

Source: NEAR/USDT By TradingView.

The cryptocurrency price has melted below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. The 20-day EMA is also acting as a resistance for the price. Chaikin money flow score has jumped above the 0 mark and currently trades at 0.09, suggesting strength in the market.

However, the relative strength index is still below the 50 mark and trades at 37.24, implying a confluence of bears over the price. If the bearish momentum continues, RSI will soon enter the oversold zone.

Near price has rejected the 20-day SMA of Bollinger and is headed toward the lower band of Bollinger which resides near the $1.08 level. The long-short ratio is 1.03 with 50.77% longs and 49.23% shorts indicating that bulls have higher positions in the last 24 hours.

Conclusion

The overall market structure and price action of NEAR price is bearish after the rejection from $1.23. Technical parameters also favor the selling side.

Technical Levels

• Major support: $1.11 and $1.02
• Major resistance: $1.23 and $1.33

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.

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