The Near Protocol Price May Be On a Bearish Trend

Near Protocol has experienced a relatively good year in 2024 so far, despite the market’s volatility. However, a recent breakout in the price has led some crypto analysts to believe that the altcoin may be heading towards a bearish trend. The Near Protocol price had formed a wedge pattern earlier in the month of May, but the breakout from this pattern resulted in a 15% recovery in the price, pushing it above $8. Unfortunately, this upward momentum did not last long as the price began to decline along with Bitcoin and the rest of the crypto market.

Crypto analyst Kledji Cuni has expressed bearish sentiments regarding Near Protocol’s price movement following the recent breakout. He believes that the breakout marked the beginning of a bearish trend and expects the price to continue fluctuating around $7.3 before a downtrend occurs. The analyst predicts an initial 8% drop to $6.78, followed by a further decline to the $6 level. Ultimately, he anticipates the price to bottom out around $4.6, representing a total decline of 37% from its current level.

Recent metrics of Near Protocol have lent support to the analyst’s prediction of an impending decline in price. The coin has experienced losses in the last month after starting the year strong. Additionally, there has been a notable decline in the daily trading volume of Near Protocol, dropping more than 18% in the last day to approximately $246 million. This decrease in trading volume indicates a waning interest in the altcoin, which could contribute to the anticipated price decline.

As of the time of writing, Near Protocol is trending at $7.3, with a 0.89% decline in the last day and a 4.28% decline in the last week. This current price level, coupled with the bearish sentiments shared by the analyst, suggests that Near Protocol may indeed be on a downward trajectory in the near future. Investors and traders in the cryptocurrency market should pay close attention to the price movements of Near Protocol to make informed decisions and mitigate potential losses in light of the anticipated price decline.