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June 12, 2023In a range-bound session favoring short positions, NEAR Protocol remains constrained in a $1.18 to $1.21 range and is currently trading close to $1.19.
Following today's trading session, chart analysis suggests NEAR Protocol could begin to recover as it approaches significant support, now 1 cents away from $1.2. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show 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 momentum evaluation, the Relative Strength Index indicates NEAR Protocol is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $1.17, a low enough level to, generally, suggest that NEAR is trading below its fair value.
All in all, the technical analysis suggests NEAR Protocol has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Binance Coin slumps 2.43% to trade around $229.55.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Cosmos USD goes up 4.03% to trade around $8.78.
NEAR Protocol has fallen back around 79.83% from the significant high of $6 set 9 months ago. NEAR has a market cap of 1 billion with an average daily volume of 53.56 million.
