Near Protocol (NEAR) May Hit Another Low Before FY2022 Ends

• Near Protocol is hovering close to the critical demand area.
• The ADX indicator is turning down due to the high sell-on trend.
• The market capitalization declined by 7.12% overnight, registering $1.27 billion.

The Near Protocol (NEAR) price remained close to the demand zone. Undoubtedly, altcoins have been correcting lower since their all-time highs, following bears selling on bullish techniques. As a result, NEAR coin hit a yearly low of $1.43 on 21 November.

Near Protocol price action is showing strong selling pressure near the 52-week low. Looking at the current market scenario, sellers may soon hit another low in case the bulls fail to hold the support. If the bears turn aggressive in the upcoming trading session, the $1.0 level could provide further upside.

Against the USDT pair, Near Protocol trades at $1.52 mark at the time of writing. Selling occurs  for the past three days but trading volume decreases against the trend. In the intraday trading session, daily price candle is down 4.21%, in fact, buyers lost 6.7% so far. Moreover, the NEAR/BTC pair price down 3.46% at 0.00008909 Satoshis. 

During bearish trend trading volume decreased 21.6% at $59.4 Million. Nevertheless, Market capitalization decreased 7.12% overnight, reported at $1.27 Billion. However, ADX indicator is decreasing lower, suggesting low strength in bearish trend. 

In terms of the daily price chart, the Money Flow Index (MFI) is turning down but still remains above the median. Below 50 points, buyers may face trouble. Following the bearish scenario, the RSI indicator is about to meet the oversold zone soon. On the other hand, the MACD is slowly moving towards the neutral zone.

Conclusion

Traditional indicators such as RSI and MACD show divergence in the opposite direction for the Near Protocol (NEAR) coin. As of now, the NEAR is holding an important level, and below the yearly support, the bears could slide to another yearly low.

Support level – $1.5 and $1.0

Resistance level – $2.0 and $3.0

Disclaimer 

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

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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