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Near Protocol Price Prediction As NEAR Fumbles At $1.35

NEAR PROTOCOL PRICE
NEAR PROTOCOL PRICE

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Near Protocol  (NEAR) is trading below key levels as bearish sentiments continue to linger in the crypto market. The technical setup and oscillating indicators show that the Layer 1 token may drop further. However, a bullish divergence from the RSI provides hope for a Near protocol price recovery.

Near Protocol Price Tumbles 51%

The collapse of Sam Bankman-Fried’s crypto empire FTX in early November initiated a market-wide sell-off that took the NEAR/USD pair plummeting from the $3.44 high toward the $1.35 support level—representing a 50.94% drop. As we edge closer to the end of the year, Near Protocol’s bullish trend is slowing down and is likely to continue into 2023 unless positive fundamentals kick in from the development team or its community. 

The Direction Movement Index (DMI) showed that the downward momentum was still strong, adding credence to the negative outlook. The negative directional line (-D1) at 33 was way above the positive directional line (+D1) at 14, suggesting that there were more NEAR sellers than buyers in the market. Additionally, the Relative Strength Index (RSI) was placed in the negative region at 37, implying that the market sentiment was still bearish.

As such, the Near Protocol price may turn down from the current levels toward the $1.3 psychological level. In highly bearish cases, NEAR may decline further to tag the $1.0 support level or lower in a move that could see the altcoin drop toward zero.

NEAR/USD Daily Chart

Near Protocol Price
TradingView Chart: NEAR/USD

Also supporting NEAR’s pessimistic outlook was the fact that the price faced stiff resistance in its recovery path. This was characterized by significant supply zones defined by the 50-day simple moving average (SMA) at $1.35, the $2.0 psychological level, and the 100-day SMA sitting at $2.53. Additional roadblocks are found at the $3.35 major resistance level, embraced by the 200-day SMA, the $4.0 psychological level, and supplier congestion at $4.71.

Also validating Near Protocol’s bearish thesis was the dwindling total value locked (TVL) on the network. According to data from DeFiLlama, the blockchain’s TVL is approximately $73 million, this is 85% below the $481.92 million high reached on May 29. This points to the decreasing investor interest that has negatively affected not only the Near Protocol but the entire crypto market as a whole. 

Total Value Locked On Near Protocol

TVL On NEAR Protocol
Source: DeFiLlama

On the upside, the RSI was pointing upward, an indication that the price may turn up from the current levels to stage a recovery. Moreover, the recent downtrend in NEAR’s price has been accompanied by a positive divergence from the relative strength index, showing that the bulls are aggressively defending the $1.35 support level. 

As such, the token may rise up from the current price with the bulls targeting a rise above the moving averages, for a chance to secure a recovery. If this happens, the next target would be set at the $5.28 range high, recouping all the losses initiated by the FTX collapse. 

Promising Alternatives To NEAR

The bearish conditions in the market are likely to continue into the new year. The FTX drama continues and crypto investors can only remain hopeful that the new year will bring good tidings to the digital asset market. The uncertainties in the macro environment continue to add headwinds to an already wounded market leaving crypto investors with less profitable projects to pump their capital into. 

As such, some interesting tokens are currently on presale with the potential to increase investors’ returns once they are listed on exchanges. An example of such crypto with an optimistic outlook is FightOut, an innovative Web 3.0 initiative designed for a healthy and fit lifestyle both in real life and in the Metaverse while at the same time building a real-world community, including physical gym chains alongside each player’s virtual avatar to keep players engaged.

The project started its private sale in early December, having raised more than $1 million in funding. The project developers have now opened the token to the general public, and stage one of the presale has already raised more than $2.3 million. 

Visit Fightout here

Similarly, C+Charge comes in as well among these promising tokens. This platform is changing the narrative in the carbon credits market aimed at sustaining carbon-free electric vehicles (EVs) globally. If you own an electric car, you can utilize C+Charge, such that you charge your EV at charging stations and pay using C+Charge tokens, $CCHG.

Additionally, you earn carbon credits when you pay these charging stations with $CCHG. 

The carbon credits are then converted to non-fungible tokens (NFTs), which the owner can choose to hold or trade. This green platform is underway, with the presale event giving you a chance to purchase $CCHG at a low price before the token is listed on crypto exchanges. At the time of writing, the C+Charge has raised more than $4,500 dollars in the presale launched only 10 days ago.

After phase one of the CCHG presale currently ongoing, the price will increase gradually. This means that NOW is the ideal time to grab your CCHG tokens at discounted prices.

Visit C+Charge here

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