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Will NEAR Protocol Look For Bullish Reversal Or Continue Plunging? 

Will NEAR Protocol Experience a Bullish Reversal or Continue Declining?

NEAR Protocol recently experienced a significant decline below the 200-day exponential moving average (EMA), prompting the bulls to initiate a recovery. The daily NEAR/USD chart also indicates the formation of a bullish chart pattern. If the price manages to surpass the recent hurdle of $5.75, there is a possibility of a 35% rise in the NEAR Protocol.

However, in the broader market, selling pressure has been dominant, leading to a considerable decline in NEAR’s price over the past couple of weeks. While there is potential for a rise in the crypto due to the bullish pattern and neutral weighted sentiment, the selling pressure in the overall market poses a risk for further price decline.

NEAR Protocol currently holds the 17th position in terms of market capitalization, with a live market capitalization of $5.68 billion and a circulating supply of 1.09 billion NEAR tokens. The intraday volume has also seen a significant surge.

Looking at the weighted sentiment curve, it is currently hovering near zero, indicating a neutral bias among investors and community members. If the sentiment curve surpasses the zero line, it may indicate a positive bias and potential gains for NEAR.

Analysts suggest a 35% gain in NEAR if the broader market recovers. The daily chart shows the formation of a declining parallel channel pattern, also known as a bullish flag pattern. The price seems to be rebounding from the lower boundary of the channel, and if the bulls manage to surpass the $5.6 hurdle, it could potentially reach the $8 level. However, this recovery depends on a swift rebound in the broader market. On the other hand, if the broader market continues to weaken, NEAR’s price may be dragged towards lower demand zones.

In conclusion, NEAR Protocol is seeking stability amidst the bearishness in June, with a key support level near $5. The market sentiment is currently neutral, and a positive shift in sentiment could lead to price gains. The technical analysis indicates the formation of a bullish flag pattern, but its success relies on a broader market recovery. It is important to note that investing or trading in crypto or stocks carries a risk of financial loss, and the views and opinions expressed in this article are for informational purposes only and should not be considered financial advice.