Cryptocurrency

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/near-cryptocurrency-sees-price-shift-following-transaction-peak">NEAR Cryptocurrency Sees Price Shift Following Transaction Peak</a><br></p>
<p style="text-align: justify"> The NEAR <a href="https://en.bitcoinhaber.net/garanti-bbva-launches-cryptocurrency-wallet-and-transfer-app">cryptocurrency</a> recently experienced a notable downturn in its price, following a significant peak in its trade volume on March 3rd. Although the Relative Strength Index (RSI) has seen a decrease, it stays above the typically overbought level. Current patterns in the price chart suggest a potential downward trend with the looming possibility of a death cross formation. </p> 
<h2 id="transaction-trends-and-price-response">Transaction Trends and Price Response</h2> 
<p style="text-align: justify"> NEAR’s daily transaction count soared to over 6 million on March 3rd, marking a two-week high since December 29, 2023, and the second-largest in the protocol’s history. With transactions rising from February 1st to March 3rd, NEAR’s value shot up by almost 69%, indicating a close relationship between transaction volume and price during this phase. Despite the transaction volume slowing down, NEAR’s price continued its ascent, jumping by more than 116% up to March 14, suggesting a decoupling from its fundamental indicators. </p> 
<h2 id="technical-indicators-and-potential-outcomes">Technical Indicators and Potential Outcomes</h2> 
<p style="text-align: justify"> The RSI levels for NEAR remained exceedingly high between February 29th and March 13th, which mirrored the period of its price surge. Subsequently, a price correction ensued, and NEAR dropped substantially within four days. The RSI’s slight decline from 82 to 78 hints at a reduction in the rate of price growth, possibly indicating an imminent market correction due to profit-taking by investors. </p> 
<p style="text-align: justify"> The Exponential Moving Averages (EMAs) used as trend indicators now suggest an impending shift from an upward to a downward trend. This forecast aligns with the potential bearish signals from earlier price chart analysis. </p> 
<p style="text-align: justify"> The analysis of NEAR’s price dynamics points to $5.13 as a critical support level. A break below this threshold may see the price slide towards $3.64, implying a 45% drop. Conversely, a trend reversal could propel NEAR towards the $9 mark, representing a potential 35% gain.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/near-cryptocurrency-sees-price-shift-following-transaction-peak">NEAR Cryptocurrency Sees Price Shift Following Transaction Peak</a></h5>

NEAR Cryptocurrency Sees Price Shift Following Transaction Peak

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