The NEAR Protocol has been making a slow recovery in the past few days. However, in today’s trading session, the prices are looking likely to continue with the long-term bearish trend. This is after opening the markets trading at $5.96 and dropping by almost two per cent as of the time of the writing. The prices are also looking highly likely to close even lower as the session progresses.
However, today’s session NEAR protocol price drop is highly likely not a big concern. For the past seven days, the price of the crypto has traded in a sideways market, where the bulls and bears have alternated for most of these sessions. The NEAR Procol, compared to other altcoins, was also among the least affected by the recent slump in the cryptocurrency market, recording a 43 per cent price drop in May.
The NEAR Protocol has also continued to gain traction among cloud services. The platform, for instance, has gained an edge by having high transaction speeds, high throughput and effective interoperability. This may explain why its prices have remained relatively stable throughout the current crypto bear market.
NEAR Price Prediction
on the daily chart below, we can see the prices of NEAR have been trading sideways for the past one week. In today’s trading session, the NEAR protocol prices have dropped by over 1.5 percent, signalling a resumption of the bearish trend. However, based on previous price action, it is also likely that the prices are continuing with the sideways market. This is because the bears and bulls have been alternating for the past seven days, in all the trading sessions.
Therefore, my NEAR price prediciton expects the sideways market to continue. I expect today’s prices to close lower. However, based on previous price action, I expect tomorrows trading session to be bullish and cancel today’s price loss.
However, should the prices move below the $5.5 price level in today’s trading session, then mnewy analysis will be invalidated. It will signal a resumption of the previous bearish trend. It will also be highly likely for prices to trade below the $5 psychological level.
NEAR Daily Chart
