NEAR descends $0.068 following previous session close at $2

NEAR Protocol slides down from $2 to $1.93 today, losing $0.068 (3.43%).

Technical chart analysis shows NEAR Protocol fell below the $1.97 support zone and moved 4 cents beyond it; the next level of support with significant buyer interest is estimated at $1.96. Trend-focused traders would be interested to note that 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $1.87, a low enough level to, generally, suggest that NEAR Protocol is trading below its fair value.

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

In the meantime, negative performances are also seen in other markets, after ending today's session at $20.28, Solana lost $1.06 and is trading around $19.22. Tezos USD draws back 3.69% to trade around $1.07.

Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.

NEAR Protocol has fallen back around 88.62% from the significant high of $17.58 set 11 months ago. NEAR Protocol is currently trading with a market cap of 1.67 billion with an average daily volume of 122.10 million.