Bearish NEAR currently $0.08 lower after trading as low as $1.56

NEAR is sharply lower after losing $0.08, declining as low as $1.56.

NEAR Protocol made an initial break below its 5 day Simple Moving Average at $1.63, a possible indication of a forthcoming negative trend. NEAR Protocol's upper Bollinger Band® is at $1.74 which indicates a further downward move may follow. NEAR Protocol could begin to recover as it approaches significant support, now 4 cents away from $1.6. Dipping below could be an indication that further losses are ahead.

In the short term, NEAR is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, after ending today's session at $91.65, Litecoin lost $5.77 and is trading around $85.88. Bitcoin is down to $26,300, losing $919.15, after closing at $27,219 in the preceding trading session.

Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Having soared to a high of $6 approximately 9 months ago, NEAR is now trading 72.55% lower. NEAR has a market cap of 1.42 billion with an average daily volume of 50.98 million.