As a crypto investor with some experience under my belt, I’ve seen my fair share of market fluctuations and price movements in various altcoins, including Near Protocol. The coin’s breakout from the wedge pattern earlier this month was a cause for optimism, but the subsequent decline following Bitcoin’s retracement is a reminder that the crypto market can be unpredictable and volatile.
As a researcher studying the cryptocurrency market in 2024, I’ve observed that Near Protocol has had an impressive performance this year, managing to withstand the numerous market crashes. However, there are growing concerns among crypto analysts that the altcoin may have reached its limit, as one analyst in particular sees the earlier price breakout as a bearish sign for its future value.
Near Protocol Breaks Out Of Wedge Pattern
In May’s initial days, Near Protocol’s price displayed a wedge shape after experiencing a decline to $5.5 followed by a slight recovery. This wedge maintained a narrow range for some time. However, around May’s midpoint, the Near Protocol price broke free from this pattern and commenced an uptrend.
After the surge, the value of the altcoin bounced back by more than 15%, reaching over $8. However, this upward trend proved to be short-lived. With Bitcoin‘s price starting to dip and the crypto market following suit, Near Protocol’s price followed the downward trend as well. This development underscored the growing bearish sentiment surrounding the coin’s price.
As a crypto analysis expert, I identified a bearish trend in the market based on a recent price breakout I observed. In my TradingView post, I highlighted that this pattern remains robust, suggesting that the breakout itself initiated this downturn.
As a crypto investor, I’d interpret the analyst’s outlook on Near Protocol as follows: The current price hovering around $7.3 is expected to persist with some fluctuations. However, a downtrend lies ahead, and we might experience some periods where the price remains stagnant within this range before eventually moving downward for a significant drop.
Analysts project a series of decreases for the stock: an initial 8% reduction to hit $6.78, followed by another drop down to $6. This downward trend is predicted to reach a minimum around $4.6, resulting in a total decrease of approximately 37% from its present value.
A Reversal In The Cards?
The latest trends in Near Protocol’s performance metrics support the cryptocurrency analyst’s forecast of an upcoming price drop. Notably, the coin has experienced negative price action over the past month after a robust beginning to 2024. Furthermore, there has been a significant decrease in its daily trading volume.
The trading volume of Near Protocol on a daily basis has decreased by over 18%, amounting to around $246 million. This significant drop implies waning investor enthusiasm towards the altcoin, potentially adding to its current downturn.
Currently, Near Protocol is priced at around $7.3, representing a 0.89% decrease over the past day, and a more substantial 4.28% drop during the last week.
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2024-05-31 16:34