Near Protocol has continued to struggle in the markets this month. Its price is already down by 12 per cent in June, extending the last two months’ strong bearish trend that had seen the crypto lose 55 per cent of its value.
Despite offering superior cloud services and having high transaction speeds, throughput and effective interoperability, the current cryptocurrency industry market conditions have hindered NEAR protocol growth. The industry has been in a bear market for months. Cryptocurrency investors have also been in the extreme fear zone of the greed index. This has hindered more money from coming into the project, resulting in the project’s prices continuing to fall.
NEAR Protocol Price Prediction
In my May 25 price analysis, I looked at some market factors that were affecting the NEAR protocol. This included the crypto crash that resulted from the fall of Terra Luna and UST. My analysis also noted that the prices had struggled for most of the time. Therefore, I expected the prices to trade in a sideways market for some time before establishing a trend.
Fast forward to today, the sideways market has continued to be the dominant trend for the NEAR protocol. For the past three weeks, the NEAR protocol has trended sideways, failing to establish a trend numerous times. Currently trading at $5.2, NEAR protocol looks stuck in its current sideways trend market. The prices have failed to break the upside of the $6 price level. The crypto prices have also failed to trade below the $4.7 price level throughout the sideways market trend.
Therefore, my NEAR protocol price prediction expects the prices to continue trading sideways. However, if the prices trade above $6, then sideways analysis will be invalidated. It will also mean a high likelihood of a bullish trend being established. Also, if the prices trade below the $4.7 price level, the sideways market analysis will have invalidated. A new bearish trend will have started.