Bearish NEAR currently $0.047 lower after trading as high as $2.06

NEAR Protocol falls to $2, following mixed behavior today as it ranges between $2 and $2.06.

Trend-focused traders would be interested to note that NEAR Protocol made an initial break below its 50 day Simple Moving Average at $2.04, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.04 currently serving as support. If price action breaks below, the next Fib hurdle is $1.96. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $1.85, a low enough level to, generally, suggest that NEAR is trading below its fair value. Support/Resistance levels obtained from chart analysis indicate that NEAR Protocol could begin to recover as it approaches significant support, now 4 cents away from $1.98. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates NEAR Protocol will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Ripple is trading around $0.467 (down $0.009).

Positive performances can be seen by looking at other markets as FTX Token jumps 9.54% to trade around $1.36. Binance Coin is up 2.79%.

NEAR has shed $14.73 points and is languishing 87.8% lower over the past year, leaving its yearly highs around $16.77 in the rear-view mirror. NEAR is currently trading with a market cap of 1.80 billion with an average daily volume of 104.58 million.