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Home»Altcoins»NEAR Protocol [NEAR] may follow the bulls next week if…
Altcoins

NEAR Protocol [NEAR] may follow the bulls next week if…

Saheel KhirodkarBy Saheel KhirodkarDecember 16, 2022Updated:December 16, 2022No Comments2 Mins Read
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An Introductory Guide To NEAR Protocol | Forex Academy
  • The price of NEAR could fall as low as $1.584.
  • Weighted sentiment, trading volume, and development activity all fell in NEAR.
  • This bearish forecast will be invalidated if a candlestick closes above the 61.8% Fib level ($1.678).

NEAR Protocol (NEAR), the unrivalled blockchain platform, hasn’t recently provided many gains to investors who hold its native token (NEAR). However, if NEAR’s downtrend continues for another day or two, there may be a short-selling opportunity at $1.584.

According to technical indicators and on-chain metrics, NEAR’s downtrend may continue. If NEAR bears hold firm, investors could profit from short-selling at $1.584.

NEAR on immediate support at 50% Fib ($1.631): Will the bears push lower?

Based on three key technical indicators on the daily chart, bears could push NEAR’s price lower.

First, the Relative Strength Index (RSI) was at 35, just outside the oversold zone. This indicates that as sellers stepped in, buying pressure decreased.

Second, the On Balance Volume (OBV) decreased, indicating a decrease in trading volume. This suggests that buying pressure could fall even further, giving sellers even more leverage.

Finally, the Directional Movement Index (DMI) revealed that sellers were leading the market at the time of publication. The red line (sellers) was above 25, indicating that sellers wielded significant market power.

These indicators, taken together, confirm that selling pressure is strong enough to push NEAR to the previous support level at the 38.2% Fib level ($1.584).

The above bearish forecast will be invalidated if an intraday candlestick closes above the 61.8% Fib level ($1.678).

NEAR’s sentiment and development activity have deteriorated

We discovered that NEAR Protocol development activity had a direct impact on the price of its native token. At the time of publication, the blockchain platform’s development activity had slowed, causing the token’s price to fall. As such, a continued drop in development activity could likely push the price lower.

Furthermore, as prices fell, trading volume and sentiment fell, indicating a drop in buying pressure as investors became bearish on the token. As a result, NEAR’s downtrend may continue for a few days before reversing and providing short-selling opportunities.

Bullish sentiment on NEAR, on the other hand, will cause a price reversal, spoiling the party for sellers and invalidating the forecast above.

Altcoins bulls market NEAR NEAR Protocol
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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