NEAR sheds $0.071 to trade around $1.59

NEAR drops $0.071 early on and steadies around the $1.59 level.

NEAR Protocol made an initial break below its 3 day Simple Moving Average at $1.63, a possible indication of a forthcoming negative trend. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at $1.59, a low enough level to, generally, suggest that NEAR is trading below its fair value. NEAR Protocol could begin to recover as it approaches significant support, now 2 cents away from $1.61. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for NEAR Protocol.

In the meantime, negative performances are also seen in other markets, Cardano closed at $0.354 (down 4.22%). Dogecoin is down to $0.071, losing $0.002, after closing at $0.073 in the preceding trading session.

Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.

NEAR Protocol is now trading 77.44% below the significant high of $7.37 it set around 11 months ago. NEAR has a market cap of 1.43 billion with an average daily volume of 60.95 million.