- NEAR Protocol price drops despite collaboration with Cosmose AI.
- An increase in trading volume indicates rising interest in NEAR.
- The bullish trend may start, but investors should watch for resistance levels.
On April 24, the NEAR Foundation announced a collaboration with Cosmose AI to customize shopping using Web3 experiences. The duo is developing a payment system that will enable users to purchase and sell cryptocurrency with cheap transaction costs, saving money for both buyers and sellers.
In the past 24 hours, the bears maintained control of the NEAR Protocol (NEAR), with the price plummeting to an intraday low of $1.86. NEAR was trading at $1.91 at the time of writing, a 1.89% decrease.
During the downturn, the market capitalization fell by 1.71% to $1,699,751,620, while the 24-hour trading volume increased by 34.54% to $72,224,733. This increase in trading volume shows that, despite the general market drop, the cooperation with Cosmose AI may have lured more investors and traders to the platform.
On the NEAR 4-hour price chart, the rise of the 100-day MA above the 20-day MA (now at 2.11451110 and 1.92707342, respectively) indicates that the bear reign may be coming to an end and a bullish trend may be starting.
As a result of this movement, investors may consider going long to profit from future price gains.
However, the price action below both MAs implies that the rebound may not be maintained. Investors should watch out for possible resistance levels that may restrict additional price gains.
The negative rate of change trend, with a score of -0.92, illustrates the bearish momentum in the NEAR market. However, its upward movement almost crosses the 0″ line, indicating that the market’s momentum may soon turn negative to bullish. Traders should actively follow the price action for prospective buying chances.
With a stochastic RSI of 91.11, the bear hand in the NEAR market may be losing its grasp, and the bulls may regain control soon, signalling a likely trend reversal.
This movement and the ROC trend signal suggest that traders maintain a watch on the market and consider taking long positions if the trend continues to show signs of reversal.
NEAR Protocol’s collaboration with Cosmose AI may have attracted more investors, as the bearish trend may be ending, and a bullish trend may emerge.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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Source: https://coinedition.com/near-partners-with-cosmose-ai-bullishness-looms-as-bear-reign-wanes/