Near Protocol adds 20% in a week. What price action says about the token

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  • Near token has recovered by almost 20% in a week

  • The cryptocurrency saw higher volumes at the bottom of $1.25 after a disastrous 2022

  • NEAR face bears on the descending trendline and could correct to the downside

Near Protocol (NEAR/USD) ended 2022 at a low. At just $1.26 on December 31, 2022, NEAR is among the worst performers cryptocurrencies, started the year at over $16. The selloff in the cryptocurrency accelerated in November 2022 after the collapse of FTX. Investors earmarked the cryptocurrency after reports showed that FTX had invested nearly $50 million in Near Protocol tokens.

But as 2023 kicked off, investors accumulated the Near Protocol tokens. With an increase of almost 20% in the past week, NEAR is one of the top winning cryptocurrencies. That is underlined by a huge volume spike on the buy side as the token bottomed out at $1.25. The peak saw NEAR reach $1.65.

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NEAR price outlook and analysis amid increased bullish pressure

NEAR/USD chart by TradingView

The daily chart outlook shows NEAR trading on the descending trendline. The cryptocurrency trades on a system of lower lows and lower highs. The token has retreated on the descending trendline, with the volume indicators signaling the entry of bears.

Will NEAR keep profits?

There are no clear indicators for the recent increase NEAR price. It may be due to the fact that investors saw an opportunity when the price crashed after the collapse of FTX.

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The price action and technical indicators show that NEAR is still bearish and may not make a profit. Bears are starting to control the price as it reaches the descending trendline. With the bear market showing little sign of abating, the recovery could be difficult for NEAR. It is recommended to buy the token on a confirmed uptrend.

Where to buy NEARBY

Binance

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Binance.US

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