The Near Protocol (NEAR) Price Falls Below $1 for the First Time Since 2020
The price of NEAR Protocol (NEAR) reached a new low of $0.97 on October 19, dropping below $1 for the first time since 2020. This decline comes after a series of bearish signs indicated by the Relative Strength Index (RSI) across multiple timeframes. Now the question is, when will NEAR reach its bottom?
NEAR Finally Falls Below $1
The NEAR price has been on a downward trend since reaching its all-time high of $20.60 in January 2022. While there was a brief bounce at the beginning of 2023, it failed to initiate a bullish reversal. In August, the price broke down from the $1.25 support level and continued to decline towards $0.80.
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On October 19, NEAR hit a new low of $0.97, marking a 1000-day low for the price.
The weekly RSI confirms the bearish sentiment in the market. Traders use the RSI as a momentum indicator to determine if an asset is overbought or oversold. A reading above 50 with an upward trend indicates bullishness, while a reading below 50 suggests bearishness. In this case, the RSI is below 50 and decreasing, signaling a bearish trend.
NEAR Price Prediction: When Will Price Reach Bottom?
Looking at the daily timeframe, technical analysis reveals that NEAR’s decline since February has been contained within a descending parallel channel. The price currently trades slightly below the channel’s resistance line at $1.
While trading in the upper portion of the channel can be seen as bullish, other indicators are bearish. The altcoin has fallen below the $1.10 minor support area, and the daily RSI is also below 50 and falling. If the downward trend continues, NEAR could drop by another 16% to reach the $0.80 horizontal support area.
Despite these bearish predictions, a breakout from the channel’s resistance line would indicate a bullish reversal. In that case, a potential 65% increase to the $1.60 resistance area can be expected.
Hot Take: NEAR Faces Bearish Pressure as Price Falls Below $1
The Near Protocol (NEAR) price has experienced a significant decline, reaching a new low below $1. The bearish signs indicated by the Relative Strength Index (RSI) across various timeframes suggest that NEAR may continue to face downward pressure. Traders and investors are eagerly watching to see when the price will reach its bottom.
Technical analysis reveals that NEAR is currently trading within a descending parallel channel, with the price slightly below the channel’s resistance line. While trading in the upper portion of the channel may offer some bullish hope, other indicators such as the daily RSI falling below 50 paint a bearish picture. However, if NEAR manages to break out of the channel’s resistance line, a potential bullish reversal could occur. The future of NEAR remains uncertain, and traders should monitor its price movements closely.
