Near Protocol Price Prediction as NEAR Retraces With Market Drop — Is It Time to Load Up?
The Near Protocol price has dived by 5% in the past 24 hours, sinking to $6.45 as the cryptocurrency market as a whole faces a 2% drop today.
NEAR has now fallen by 9% in a week, although it remains up by 27% in a fortnight, with the altcoin also sitting on an impressive 230% gain in the last 12 months.
Such performance has come on the back of solid growth for the Near Protocol as a blockchain network, with its platform consistently attracting new usage and partnerships in recent months.
Its expansion points to further gains for NEAR in the near and more distant future, with the coin potentially set to become one of the best-performing alts of the year.
NEAR is at a critical juncture at the moment, with its support level (green) about to be tested yet again.
If it can resist a decisive fall below $6.40, then it’s likely to begin recovering soon enough.
Its indicators certainly point towards a recovery, with its relative strength index (purple) – which measures price changes relative to recent movements – hitting a bottom this morning.
In other words, NEAR is in an oversold position, with the coin selling at a discount that could potentially entice new buyers.
At the same time, its 30-day average (orange) recently formed a ‘death cross’ with its 200-day (blue).
This can often portend additional losses, yet it also means that a given asset is close to a bottom.
And the thing with NEAR is that it’s currently one of the most promising coins in the market from a fundamental perspective.
Its total value locked in has risen by 15% this year on the back of the growing use of its network and the apps on it.
The NFT sales volume on @MITTE_gg has surpassed 1 million USD in nearly two months, with 8,900 unique buyers on @NEARProtocol.
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