Near Protocol Price Falls Over 7% Today! NEAR Price To Test Its Crucial Support Soon?

The post Near Protocol Price Falls Over 7% Today! NEAR Price To Test Its Crucial Support Soon? appeared first on Coinpedia Fintech News

Top crypto altcoins record significant price correction for the third day, indicating a strong bearish influence in the cryptocurrency market. Near Protocol price follows the market trend and has experienced a correction of over 7% within the past day.

The Near Protocol price traded in a closed space between $2.066 and $2.365 for a brief period, following which the market gained momentum and the bulls broke out of the range.

The NEAR coin price jumped over 73% within the next two days before facing rejection at $3.576, following which the price traded sideways for a while.

TradingView: NEAR/USDT

After testing its support level of $3.296, the price recorded another jump of approximately 22%. The Near Protocol price then displayed significant volatility for the next week, resulting in the price losing momentum and trading in a closed range between $3.576 and $3.908 for over a week.

After multiple attempts to hold the price above the important support level of $3.576, the bulls lost momentum and recorded a correction of 17.6%. The bulls attempted a bounce back, but the price faced rejection at $3.576, resulting in the NEAR coin price continuing to trade under a bearish influence.

Currently, the Near price trades between $3 and $3.296, of which the outcome is unpredictable.

Will NEAR Price Increase?

The technical indicator, RSI, continues to trade below the mid-point, indicating a weak buying pressure. Moreover, the averages are on the verge of a bullish convergence soon, highlighting a high possibility of a positive trend reversal in the coming days.

If the bulls gain power and push the price above the resistance level of $3.296, the NEAR price will regain power and test its upper resistance level of $3.576 soon. Maintaining the price at that level will set the stage for the Near Protocol price to attempt to test its key resistance level of $3.908 this week.

Conversely, if the bears pull the price below its support level of $3, the Near Protocol price will fall to test its lower support level of $2.747. Further, if the bears continue to hold power over the market, it will plunge and prepare to test its lower support level of $2.365.