NEAR’s Declining Price and Potential Causes
The declining price of NEAR has raised concerns among its users. It’s unclear whether developers are leaving the protocol or if the overall dip in the crypto market is to blame.
- The cryptocurrency market cap has dropped by 0.3% in the last 24 hours, reaching over $1.05 trillion.
- Speculations suggest that regulatory concerns and pending spot Bitcoin ETF applications awaiting approval from the US SEC could be the lead cause for the market dip.
Spot Bitcoin ETF Approval and Its Impact
The approval of a spot Bitcoin ETF is highly sought-after in the crypto industry as it would attract institutional investors and make it easier for retail investors to engage with BTC.
- All attempts to secure approval for Bitcoin ETFs from the US Securities and Exchange Commission (SEC) have been unsuccessful, creating negative market sentiment and affecting altcoins like NEAR.
NEAR’s Bearish Trend and Technical Analysis
NEAR has been trading between $1.1 and $1.4 as support and resistance levels. Currently, it has reached $1.13 with a 1% dip in the last 24 hours.
- The NEAR protocol’s coin is experiencing increasing selling pressure, as indicated by the red candlestick formation and the decrease in buying activities according to the Moving Average Convergence Divergence (MACD) indicator.
- The Relative Strength Index (RSI) suggests that the coin is oversold, but investors should watch out for a potential fall to the next support level at $1.10.
NEAR’s Price Movements and Breakdown vs. Breakout
NEAR’s price is fluctuating between $1.1 as support and $1.4 as resistance, indicating a prevailing bearish sentiment.
- If NEAR’s price stays above the resistance level at $1.14 and continues trading above it, it could be considered a breakout with increased buying momentum and potentially higher prices.
- If the price falls below the support level at $1.12, it could be seen as a breakdown, suggesting overwhelming selling pressure.
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