NEAR Protocol price analysis: Price levels sink to $15.4 after the latest bearish shift

TL;DR Breakdown

• The NEAR Protocol price analysis is bearish.
• Resistance for NEAR is present at $16.7.
• Support for NEAR is present at $14.7.

The most recent NEAR Protocol price analysis predicts a bearish trend for the day as the price covered a downward movement. The bears have been controlling the price trends for the past few days after the price peaked at $17.3 last, and today the price faced a bearish reduction once again. After the latest bearish shift, the price levels have plunged to $15.4. It seems that the current downtrend will continue further as the sellers have taken over the market, which is why the market sentiment is negative. However, the next support for NEAR is present at the $14.7 support zone.

NEAR/USD 1-day price chart: Downside continues as bears drag price to $15.4 low

The one-day NEAR Protocol price analysis favours the bears as a drop in cryptocurrency value has been recorded in the past 24-hours. The bears have been in the leading position for the past three days, and the price has been following a constant downward movement. The price has been brought down to a $15.4 low because of the latest bearish turn, as the cryptocurrency sheds another 6.12 percent value overnight, and further devaluation in coin value seems close. Meanwhile, the moving average (MA) value rests at $16.1.

The volatility has decreased as the Bollinger bands have converged, with the lower side of the indicator showing a higher degree of convergence. At the same time, the upper value of the Bollinger bands indicator is settled at the $17.8 position, while its lower value is present at the $15 mark. The Relative Strength Index (RSI) score has declined up to the index 50 mark, and further decrease is highly anticipated as the indicator has travelled from the top side of the neutral region towards the centerline of the neutral zone due to the continuous selling activity for the last three days.

NEAR/USD 4-hours price chart: Recent developments and further technical indications

The hourly NEAR Protocol price analysis gives the lead to the bears as well, as the price has been under the bearish shadow for the past few hours. A constant reduction in NEAR/USD market value has been observed over the past four hours as well, as it moved down to a $15.4 low. It seems that the current decreasing trend will extend further in the approaching hours as the selling momentum is gaining strength. Moreover, the moving average value in the hourly price chart is $16.

The Bollinger bands indicator shows the following values; the upper band occupies the $17.7 mark, whereas the lower limit is present at the $15.3 mark, the price is again travelling down towards the lower band. The average value of the Bollinger bands indicator is present at the $16.5 position. Moving on towards the RSI score, it plunged to index 38 after the latest selling activity.

NEAR Protocol price analysis: Conclusion

The given hourly and daily NEAR Protocol price analysis confirms a strong bearish trend for the day. The cryptocurrency value faced a substantial decline in the past 24-hours due to the selling pressure. The coin value is now $15.4 after losing another six percent, and the chances of further loss seem quite close.

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