NEAR Protocol

Million

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>NEAR price noted an intraday drop of over 15% signifying selling pressure.</a></li>
 <li><span>2</span> <a>Technical indicators are suggesting a possible correction to the $5 mark.</a></li>
</ul>
<p>The NEAR price chart displays a sudden drop to the 20-Day EMA mark, giving a sharp cut of over 15% in the previous few trading sessions. This price decline indicates the sellers’ arrival into the game and making of short buildups, possibly sending some investors into panic mode. However, the coin is at its key support mark and a bounce is likely.</p>
<p>At press time, the <a href="https://www.thecoinrepublic.com/2023/08/08/near-coin-price-prediction-2023-can-near-coin-fall-upto-1-mark/" target="_blank" rel="noopener noreferrer nofollow">NEAR coin </a>(NEAR) price was trading at $6.49 with an intraday drop of 15.67%, reflecting selling pressure on the charts. It has a monthly return ratio of 94.88% and 204.78% on a yearly basis. The pair of NEAR/BTC is at 0.000103 BTC, and the market cap is $3.97 Billion. Analysts are neutral and suggest the NEAR coin may face further selloff and may retest the $5 mark soon.</p>
<h2 class="wp-block-heading" id="strong-near-forms-bearish-piercing-formation-major-fall-ahead-strong"><strong>NEAR Forms Bearish Piercing Formation, Major Fall Ahead?</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (NEAR), Volume (NEAR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%23284731%3B%237a89c9&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B" scrolling="no"></iframe>
<p>The above chart indicates a bearish piercing pattern and sellers are attempting to break the weekly low mark of $6 to initiate a major correction ahead. The 20-Day EMA mark acted as a support for the bulls protecting the gains. However, the price action indicates a negative crossover and a retracement toward the $5 mark in the upcoming sessions.</p>
<h2 class="wp-block-heading" id="strong-near-price-volatility-witnesses-a-drop-sentiment-looks-neutral-strong"><strong>NEAR Price Volatility Witnesses a Drop, Sentiment Looks Neutral&nbsp;</strong></h2> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (NEAR), Price Volatility 1w (NEAR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bprice_volatility_1w&amp;wax=0%3B1&amp;wc=%233b6dc6%3B%23FF5B5B&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>Per the Santiment data, the coin price noted fluctuations and sellers have shown their presence this week. However, the volatility is on the decline, reflecting low investor interest. The low volatility data is an indication of confidence in the investor which is confirmed by the consolidation phase. However, the weighted sentiment data noted a reversal from the negative mark and retained the midline, signifying the change in investor mindset for the coin.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-volume-data-outlook-strong"><strong>Social Dominance and Volume Data Outlook</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (NEAR), Social Volume (NEAR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2368DBF4&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>The data indicates that, NEAR coin witnessed a growth in the social dominance data which is a positive sign. The data revealed a surge of over 34% to 1.560% and the social volume data surged to 240 indicating the rising investor interest data.</p>
<h4 class="wp-block-heading"><strong>What Do Technical Indicators Suggest?</strong></h4> <iframe loading="lazy" title="Santiment Chart: Marketcap (NEAR), Total Open Interest in USD (NEAR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=marketcap_usd%3Btotal_open_interest&amp;wax=0&amp;wc=%23FFCB47%3B%235275FF&amp;ws=%3B%7B%22node%22%3A%22area%22%7D" scrolling="no"></iframe>
<p>The relative strength index (RSI) curve stayed in the overbought zone, witnessing a negative crossover and suggests a possible retracement move toward the $5 mark. Similarly, the MACD indicator noted a bearish crossover and suggests underperformance for the upcoming sessions.&nbsp;</p>
<p>This week, the market cap data noted a drop of over 12% and plunged to $3.97 Billion, indicating a negative outlook. Moreover, the open interest dropped by over 22% and fell to $292.16 Million signifying the long unwinding data.</p>
<p>The total supply of the NEAR protocol is 1 billion and the volume to market cap ratio is 0.384.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The NEAR Protocol (NEAR) price noted a sharp reversal and is highlighting the seller dominance in the past few sessions. The technicals are suggesting a possible correction ahead and that the coin may retest the $5 mark soon.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $6 and $5.20</p>
<p><strong>Resistance Levels:</strong> $7 and $7.90</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

NEAR Facing Selling Pressure, Can Sellers Push NEAR To $5 Mark?

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