NEAR Protocol gets off to a weak start; down 0.93% this morning to $2

NEAR Protocol weakened earlier in the day, before moving away from its $2 low and recovering back to $2.

As the day gets underway, chart analysis suggests NEAR Protocol could begin to recover as it approaches significant support, now 1 cents away from $2. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, 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, NEAR Protocol's lower Bollinger Band® is at $1.97, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

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, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43. Algorand USD is down $0.004 from the beginning of the session and now trades around $0.223.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Over the past 11 months, NEAR Protocol has retreated 88.44% from a noteworthy peak of $17.58. NEAR is currently trading with a market cap of 1.74 billion with an average daily volume of 128.16 million.