Near Protocol has been holding steady throughout the turbulent market conditions of the year 2024, defying multiple crashes and maintaining a relatively stable price. However, recent analysis suggests that the altcoin may have reached its peak and could be headed for a significant downturn.
At the beginning of May, Near Protocol’s price formed a wedge pattern after a brief drop to $5.5, followed by a slight recovery. This consolidation phase kept the price within a narrow range for some time. However, by mid-month, the altcoin broke out of the wedge pattern and began a strong upward trend, recovering over 15% and surpassing the $8 mark. Unfortunately, this uptrend was short-lived, as the price of Near Protocol soon followed Bitcoin’s retracement and the overall decline in the crypto market.
Crypto analyst Kledji Cuni recently shared insights on Near Protocol’s price action, suggesting that the breakout from the wedge pattern actually signals a bearish trend. According to Cuni, the pattern’s structure remains solid, indicating that the breakout was just the beginning of a downward movement. He predicts that Near Protocol will continue to hover around its current level of $7.3 before experiencing a significant decline.
Cuni’s projection includes an initial drop of 8% to $6.78, followed by a further decline to the $6 level. Finally, he anticipates that the downtrend will bottom out around $4.6, translating to a total decline of 37% from the current price. These predictions are based on the technical analysis of the price chart and the overall market sentiment.
Recent developments in the metrics of Near Protocol seem to reinforce Cuni’s forecast of an impending decline. The coin has been experiencing losses over the past month, despite a strong start in the year 2024. Additionally, there has been a notable decrease in the daily trading volume of Near Protocol, dropping by more than 18% in the last day to approximately $246 million.
This decline in trading volume could indicate waning interest in the altcoin and potentially contribute to the downward pressure on its price. As of the latest data, Near Protocol is trading at $7.3, with a 0.89% decline in the last day and a 4.28% decrease in the last week. These figures suggest that Near Protocol may indeed be running out of steam and heading towards a significant price correction.
The recent price action and market indicators point towards a potential decline in Near Protocol’s price. While the altcoin has shown resilience in the past, the current bearish outlook and technical analysis suggest that a downward trend may be in the cards. Investors and traders should proceed with caution and closely monitor the price movements of Near Protocol in the coming days to assess the accuracy of these predictions.
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