NEAR Protocol (NEAR) Price Breaks Important Support, Will It Fall to All-Time Low?
The NEAR Protocol (NEAR) price has confirmed the previous long-term support zone as resistance and has broken down below a short-term horizontal support area. It is expected to continue decreasing in the near future.
Important Support Level
The NEAR Protocol price has been decreasing since reaching its yearly high at $2.8 in early February 2023. This action caused the price to drop below the crucial support level at $1.2 during the week of August 14 to 20, confirming it as resistance in the subsequent two weeks (red arrows).
This is a bearish signal, indicating the continuation of the long-term downtrend.
The weekly RSI (Relative Strength Index) is close to the oversold region and trending downward, supporting further downward movement.
The potential target for this move is the all-time low at $0.6, which is 43% lower than the current price.
Short-Term Outlook
The daily chart supports the bearish outlook from the weekly timeframe. It shows that the NEAR price has broken down below the nearest horizontal support at $1.06 yesterday. This indicates that the bears have taken control of the market and are willing to push the price lower.
The RSI indicator supports this possibility when it breaks below the bullish divergence line and slopes downward.
Due to the absence of immediate horizontal support below the current price level, the Fibonacci retracement levels are used to identify potential next supports.
In this case, the NEAR price could drop to the 1.618 Fibonacci retracement support level at $0.87.
Conclusion
The most likely scenario suggests that the NEAR price will continue to decrease in the near future, with potential targets for this move at $0.87 and even lower to $0.6.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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