Despite Technical Indicators, Near Protocol Is Heading For Another Low

Experts are saying that Near Protocol is dangerously close to the area of critical demand and the volume of sell orders is quite large, with the price tanking since August.

NEAR is in the proximity of a psychologically important $1 support line which would make it even harder for investors to continue supporting this token in a bear market.

The price plunged overnight

The 6.2% drop in just 24 hours is nothing to scoff at. The market cap dropped below $1.25 billion and the price dipped to the yearly low of $1.43 at least once during the last trading day.

The numbers are forming a bad image of the future for Near Protocol. The weekly decline is 12.8%. If we zoom out to a month, NEAR lost about 15%.

3-week RSI indicates that the swing should happen anytime soon, but the reality is that NEAR has nothing to trigger a rally. The timing is also bad as the crypto market is trimming off projects that bog down the industry as a whole.

NEAR, FLOW, and RVN may all be left behind as the crypto market moves on to the next bull run supported by actual improvements to networks like Solano, Cardano, and Ethereum.

NEAR is also not correlated with major tokens like ETH and BTC. Even when the market tried to recover and bounced back after losing some value, NEAR remained at the bottom or moved downward.

This absence of any notable correlation is another reason why many people are saying that NEAR is not even close to being in the conversation for any relevance in 2023.

Should you write Near Protocol off?

The current moment in history is not the best time to make risky predictions. Experts do not see any potential in NEAR and do not hope that it can recover.

However, the development team is still working on the project, and some good news can turn a couple of heads.

Whether it will be enough for a rally is a question that remains unanswered. Currently, NEAR is on track of hit $1 by the end of the year.