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April 19, 2023
NEAR Protocol is grinding lower from $2.35 to $2.18, shedding $0.164 (7%) today.
NEAR Protocol made an initial break below its 200 day Simple Moving Average at $2.2, a possible indication of a forthcoming negative trend. NEAR is currently flirting with an active Fibonacci support level around $2.33. NEAR Protocol's upper Bollinger Band® is at $2.41 which indicates a further downward move may follow. NEAR broke through the $2.27 support line and dropped 8 cents below it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts NEAR to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the NEAR is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, EOS is down to $1.12, losing $0.093, after closing at $1.22 in the preceding trading session. Ripple is down $0.036 from the beginning of the session and now trades around $0.497. Litecoin closed at $95.31 (down 6.36%).
A year ago NEAR reached a significant high of $17.45 but has consequently lost 86.55% since then. NEAR Protocol has a market cap of 1.94 billion with an average daily volume of 98.42 million.
