Near Protocol (NEAR): These Metrics Might Catalyze Downsides

NEAR has lately outshined multiple large-cap digital coins as it noted double-digit surged within the past seven days. The unprecedented upswing triggered excitement within the community, giving investors faith in an optimistic future for the altcoin.

While publishing these lines, NEAR traded near $5.16m gaining 20% within the last week. Moreover, the asset’s market capitalization increased by approximately 10% to $4,040,101,960. NEAR ecosystem has seen multiple developments that could have triggered the price surge.

Nevertheless, things aren’t how they are, especially when talking about NEAR. Multiple on-chain indexes plus market indicators show potential trend reversals in the upcoming days.

Bear Markets Soon?

Recently, Bybit tweeted about plans to support SWEAT and SweatEconomy on Ethereum and NEAR Protocol. That confirmed impressive news as it enhances the blockchain’s value. Furthermore, NEAR’s NFT marketplace witnessed notable things.

The first developer empowerment coin on NEAR, NEKO, revealed plans to offer educational materials for NEAR users. NEKO resorted to this step to further amplify the platform’s value within the bearish market. Though these developments appear attractive, on-chain indexes reveal a different outlook.

For example, NEAR’s development activity slumped recently, revealing a negative sign. Furthermore, the overall NFT trade count endured a similar fate, declining within the past week.

NEAR’s Relative Strength Index confirmed a massive setback plus possible trend reversals. Data from CryptoQuant shows the alt’s Relative Strength Index and Stochastic remained in the red, suggesting an overbought market situation. That could push NEAR’s price lower in the upcoming days.

Looking Ahead

Though multiple metrics didn’t favor NEAR, the asset’s daily timeframe painted a different picture, with most indicators suggesting potential upticks in the upcoming days. The CMF (Chaikin Money Flow) gained an upside momentum. And that could support more price surges.

Meanwhile, the Moving Average Convergence Divergence formed a bullish cross on September 6. Furthermore. The Bollinger Bands showed the token’s price ready to dip into a highly volatile region. That heightens the probability of NEAR recording northbound actions in the coming days.

Meanwhile, NEAR enthusiasts should assess the broad market and Bitcoin sentiments for profitable decisions. Upcoming sessions will reveal what the market has for the altcoin.

Leave a Reply

Your email address will not be published. Required fields are marked *