The Near Protocol (NEAR) price reached a low of $0.97 on October 19, falling below $1 for the first time since 2020.
The Relative Strength Index (RSI) shows bearish signs in multiple timeframes. When will NEAR reach a bottom?
NEAR Finally Falls Below $1
The NEAR price has decreased since its all-time high price of $20.60 in January 2022. Initially, the price bounced at the start of 2023 but failed to initiate a bullish trend reversal.
After breaking down from the $1.25 horizontal support area in August, the price continued its descent toward the $0.80 horizontal support.
On October 19, NEAR fell to a low of $0.97. This is a new 1000-day low for the price.
The weekly RSI provides a bearish reading. When evaluating market conditions, traders use the RSI as a momentum indicator to determine if a market is overbought or oversold and to decide whether to accumulate or sell an asset.
Bulls still have an advantage if the RSI reading is above 50 and the trend is upward. The opposite is true if the reading is below 50.
The indicator is below 50 and decreasing, both considered signs of a bearish trend.
NEAR Price Prediction: When Will Price Reach Bottom?
The technical analysis from the daily timeframe shows that the decrease since February has been contained inside a descending parallel channel. NEAR trades slightly below the channel’s resistance line at $1.
While the fact that the price trades in the channel’s upper portion can be considered bullish, the rest of the readings are bearish since the altcoin fell below the $1.10 minor support area.
Also, similarly to the weekly RSI, the daily one is falling and is below 50. If the decrease continues, the cryptocurrency can fall by another 16% and reach the $0.80 horizontal support area.
Despite this bearish NEAR price prediction, a breakout from the channel’s resistance line will mean that a bullish reversal has begun.
In that case, a 65% increase to the $1.60 resistance area will be expected.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/near-price-falls-yearly-low/