Our Near Protocol price prediction is still bearish as the price has failed to break out of the downtrend despite a relief rally in altcoins. Most cryptocurrencies showed some recovery as Bitcoin price retested the $21,700 level. However, NEAR crypto couldn’t get much momentum. Consequently, it is on the verge of another collapse which could potentially tank the price by another 50%.
NEAR coin price has been in a severe downtrend since its rejection from $17.5 in April 2022. Since then, the coin has faced a brutal sell-off, and now the price is trading 84% below its January 2022 ATH. DeFi Llama’s protocol TVL has been down by more than 50% since the start of the year. In addition, the platform TVL is reduced to $284 million from its all-time high of $593 million. The constant downtrend and reduced TVL have made our Near Protocol price prediction quite bearish.
According to official Near Protocol news, NearCon Beta will be held on September 12-14. The event would take place in Lisbon, Portugal. In other news, the top blockchain platform has reached the milestone of 15 million accounts.
Near Protocol Price Prediction
Technical analysis of the NEAR USD price chart suggests that the native asset of the Near blockchain had a failed attempt to reclaim its ATH in April 2022. However, many early investors took the opportunity to get rid of their bags, considering the negative price action of Bitcoin during the same period.
A closer look at the chart tells us that the price has found some support at the $2.88-$3.15 region. NEAR price has bounced off this level quite a few times. However, the support has weakened after each retest and will likely break on another. Therefore, bulls must forget about any bullish Near Protocol price prediction in case of a daily closure below this level.
It is also worth mentioning that another relief rally in Bitcoin price might help NEAR to break out of the downwards trendline. In such a bullish scenario, NEAR bulls can target $5 in the short term. This level also aligns with the 0.618 Fib retracement level.