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March 03, 2023
NEAR Protocol is range-bound between $2.05 and $2.26 today after shedding $0.173 and closing at $2.26 today.
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. After descending below strong Fibonacci support at $2.11, market bears have earmarked $1.97 as the next downside target. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $2.07, a low enough level to, generally, suggest that NEAR Protocol is trading below its fair value. As the day gets underway, chart analysis suggests NEAR pushed below the $2.19 support level and extended 11 cents beyond it.
Overall, the technical outlook suggests NEAR Protocol is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Dogecoin is down to $0.075, losing $0.005, after closing at $0.081 in the preceding trading session. Litecoin is trading around $89 (down $6.32). Bitcoin is down to $22,351, losing $1,128, after closing at $23,479 in the preceding trading session.
Having set a significant high of $17.58 10 months ago, NEAR is trading 87.16% lower. NEAR Protocol has a market cap of 1.80 billion with an average daily volume of 134.24 million.
