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

  • Near Tokens Recovered Nearly 20% in a Week

  • After a disastrous 2022, cryptocurrencies see higher volumes at $1.25 bottom

  • NEAR face breaks below downtrend line and may be revised down

Near Protocol (NEAR/USD) ended 2022 on a low note. At just $1.26 as of December 31, 2022, NEAR is one of the worst performers. Cryptocurrency, started the year above $16. Cryptocurrency sell-off accelerated after he FTX collapsed in November 2022. Investors have designated the cryptocurrency after it was reported that FTX invested nearly $50 million in Near Protocol tokens.

But as 2023 begins, investors are accumulating Near Protocol tokens. Rising nearly 20% over the past week, NEAR is one of the fastest rising cryptocurrencies. This is underscored by a significant surge in buy-side volume as the token bottomed out at $1.25. After a surge, NEAR reached $1.65.

NEAR price outlook and analysis as bullish pressure mounts

NEAR/USD chart by TradingView

The outlook on the daily chart shows a NEAR trade on the downtrend line. Cryptocurrencies are traded on a system of lower lows and lower highs. The token is retracing at the downtrend line and the volume indicator shows a bearish entry.

Can NEAR stay profitable?

There are no clear indicators of the recent surge. close priceThis could be because investors saw an opportunity as the price crashed following the FTX collapse.

Price action and technical indicators suggest that NEAR is still bearish and may not sustain gains. The bears are starting to control the price as it hits the downtrend line.With the bear market showing little signs of abating, a recovery in NEAR could be difficult. We recommend buying tokens in a confirmed uptrend.

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