Will NEAR Price Break Out Now?

Near Protocol price forecast shows the fall of NEAR price through an interesting declining pattern over the daily time frame chart. Meanwhile, NEAR crypto is currently trading at a crucial make-or-break condition as it approaches the lower trendline of the descending triangle pattern. NEAR crypto price has been consolidating inside the descending triangle pattern since April 2023. Now NEAR protocol cryptocurrency has come to an end of its long-time consolidation inside the cage and now is the time for NEAR to register its breakout.

NEAR price was at $1.122 and lost 0.36% of its market capitalization during the day’s trading session. However, trading volume has increased by 31.24% during the day’s trading session. This demonstrates that the accumulation rate of buyers is not up to the mark. The volume to market cap ratio was at 4.52%.

NEAR Price at a Crossroads: Will it Break Out or Break Down?

The NEAR Protocol price forecast reveals a compelling downward trend on the daily chart. At the moment, NEAR cryptocurrency finds itself in a pivotal make-or-break situation as it nears the lower boundary of a descending triangle pattern. Meanwhile, NEAR crypto has slipped below the 20, 50, 100, and 200-day daily moving average.

Over the course of the past week, NEAR’s price has experienced a decrease of 4.51%, and within the last month, it has seen a notable decline of 16.07%. Examining a longer timeframe, NEAR cryptocurrency has faced a substantial drop of approximately 25.03% in the past three months and a significant decrease of about 43.85% over the last six months. Looking at the entire year, NEAR has witnessed a downturn of approximately 10.38%.

Technical indicators suggest the sideways momentum of NEAR price. Relative strength index and moving average convergence divergence both confirm the consolidation phase of NEAR.

RSI was at 35 and is flat above oversold territory. The MACD line overlaps the signal line waiting for any type of crossover. Investors in NEAR cryptocurrency need to wait for any directional change over the daily time frame chart.

Summary

Near Protocol price forecast shows the fall of NEAR price through an interesting declining pattern over the daily time frame chart. Over the course of the past week, NEAR’s price has experienced a decrease of 4.51%, and within the last month, it has seen a notable decline of 16.07%. Technical indicators suggest the sideways momentum of NEAR price. Investors in NEAR cryptocurrency need to wait for any directional change over the daily time frame chart.

Technical Levels

Support Levels: $1.111 and $1.009

Resistance Levels: $1.150 and $1.231

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing