Mixed sentiment leads NEAR Protocol cryptocurrency to trade sideways; establishes tight $1.54 to $1.57 range

NEAR Protocol recovers back to $1.57 today after dipping down to $1.54, in a session that follows a previous closing value of $1.57.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. NEAR's upper Bollinger Band® is at $1.71, suggesting that a downward move may follow. Despite this, after reaching the $1.54 support zone, NEAR bounced and climbed 3 cents above it.

Despite the market lacking direction, technical chart analysis strongly suggests NEAR is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Litecoin is up 5.25% to $95.3. Ripple is down $0.009 from the beginning of the session and now trades around $0.508.

NEAR Protocol reached a significant high of $6 around 9 months ago but has lost 73.86% since then. NEAR is currently trading with a market cap of 1.43 billion with an average daily volume of 47.35 million.