NEAR Protocol Price Prediction: NEAR Drops 3% – Are Developers Fleeing This Platform?

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NEAR’s declining price has raised concerns among its users. Are developers fleeing the protocol, or could it be the overall crypto market dip?

The cryptocurrency market cap dropped to over $1.05 trillion, a 0.3% loss in the last 24 hours.

While no specific update or factor drives this dip, there are speculations that regulatory concerns or fear-driven trends like the recent spot Bitcoin EFT applications awaiting approval from the US SEC could be the lead cause.

Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?

People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.

My take is that the current SEC will… pic.twitter.com/lPXebl03Y4

— John Reed Stark (@JohnReedStark) August 13, 2023

The spot Bitcoin ETF represents a highly sought-after goal within the cryptocurrency industry. Its approval would attract institutional investors and provide an easier way for retail investors to engage with BTC.

However, all attempts to secure approval for such ETFs from the US Securities and Exchange Commission have been unsuccessful. This has created a negative market sentiment in the crypto space affecting several prominent altcoins, including NEAR.

NEAR’s Bearish Trend is Poised to Last Longer – What To Do?

Since starting August, NEAR has traded between the $1.1 and $1.4 price levels as its Support and resistance.

Today, August 22, it has reached $1.13, with a 1% dip in the last 24 hours. Irrespective of the price dip, NEAR’s 24-hour trading volume is still up by 18%, recording over $42.15 million.

Given its trade range between $1.1 and $1.4, the technical analysis below will help determine the coin’s next more in the coming days.

NEAR/USD Daily Chart Depicts More Price Dips Below; What Should Investors Do?

In the chart above, the NEAR protocol’s coin is recording increasing selling pressure on its price, as reflected in the red candle stick formation.

Also, the coin’s Moving Average Convergence Divergence (MACD) indicator is below the signal line and has faded red histogram bars. This confirms the decrease in buying activities, suggesting further price drops in the coming days.

Moreover, the chart shows NEAR’s Relative Strength Index (RSI) at 27.84, moving flat. This signifies that the coin is upholding its oversold territory (below 30), necessitating buyers’ intervention for potential recovery.

Considering the persistent bearish pressure on the coin, NEAR Protocol could experience an additional price decrease, possibly testing the Support at $1.10.

Crossing the 50-Day Simple Moving Average (SMA) line below the 200-Day SMA suggests continuing the bearish trend throughout the week.

Given NEAR’s analysis in the daily chart above, the coin’s volatility is relatively low, and the trend of lower lows persists. Investors should watch out for a fall to the next support level.

NEAR Fluctuates Between $1.1 as Support and $1.4 as Resistance – What’s Next: Breakdown or Breakout?

NEAR coin finds Support at $1.12 while resistance at $1.14, suggesting a prevailing bearish sentiment. This downward momentum is anticipated to persist till the following week.

Meanwhile, NEAR’s approach above the $1.14 resistance and trading above it could be considered a breakout. This means buying momentum has overcome selling pressure, potentially increasing prices.

Conversely, if the price of the NEAR coin fails to stay above the support level at $1.12 and falls below it, this could be seen as a breakdown, suggesting overwhelming selling pressure on the coin.

Traders and investors should monitor NEAR’s price movements to determine its next move before making any trading decisions.

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