Near Protocol has managed to remain relatively stable in 2024 despite the market volatility, showcasing resilience amidst the crashes in the crypto market. However, signs indicate that the altcoin may have reached its peak, as a crypto analyst points out the bearish outlook following a breakout earlier in the year.
At the beginning of May, Near Protocol’s price formed a wedge pattern after a dip to $5.5, followed by a slight recovery. The breakout of this pattern in the middle of the month resulted in a 15% surge in price, pushing it above $8. However, the subsequent decline in Bitcoin’s price triggered a similar downtrend in Near Protocol, confirming the bearish trend.
Crypto analyst Kledji Cuni opines that the breakout in Near Protocol’s price is a bearish signal for its future trajectory. He anticipates the price to hover around $7.3 before embarking on a downward trend. The analyst predicts a series of declines, with targets ranging from $6.78 to $4.6, indicating a potential 37% drop from the current price level.
Recent metrics for Near Protocol align with the analyst’s forecast of a decline. The coin has witnessed losses in the past month after a strong start to 2024, accompanied by a significant decrease in its daily trading volume. The 18% drop in trading volume to approximately $246 million signals diminishing interest in the altcoin, potentially contributing to the impending downturn.
As of the latest data, Near Protocol is trading at $7.3, reflecting a 0.89% decrease in the last day and a 4.28% decline over the past week. The trend suggests a bearish sentiment surrounding the altcoin, with market indicators pointing towards a continuation of the downward trajectory in the near future.
Near Protocol’s recent breakout and subsequent price movement indicate a looming decline in its value. The technical analysis, expert predictions, and market metrics all point towards a bearish trend for the altcoin in 2024. Investors and traders should exercise caution and monitor the developments closely to navigate the volatile crypto market effectively.