The Near Protocol (NEAR) price has dropped recently, experiencing a 24% loss over the past week and a 9.74% decline in the last 24 hours. NEAR Protocol was one of the most significantly impacted altcoins during the recent cryptocurrency crash, which dropped Bitcoin’s price from over $93,000 to approximately $82,000.
Despite the decrease in the Near Protocol price, analysts predict it could decline further in the short term to about $1.90, representing an additional 26.6% drop from the current price of $2.56.
NEAR Protocol Price Set for $1.90 Price Decline
Crypto analyst Nology is bearish on Near Protocol (NEAR) and expects its price to fall to approximately $1.90 over the next few weeks.
According to wave analysis, NEAR is in a downward trend, marked by lower highs and lower lows. The analyst points to the end of March as an important time for signals that could confirm or contradict this forecast.
The chart shared in his tweet follows an Elliott Wave pattern, suggesting NEAR is finishing a corrective phase with possible further declines. The price has consistently dropped at resistance levels. Without buyer intervention, it may reach the next support level of approximately $1.90.
Even though the analyst is bearish, he hopes to be wrong, indicating some uncertainty in his prediction. However, considering the technical trends and market behavior, the current outlook suggests further declines. If NEAR cannot maintain its support levels, it may drop sooner than expected.
Traders and investors should watch if NEAR can break through key resistance levels above $2.50 or if selling pressure continues. A drop below $2.30 could speed up the decline, while any unexpected rise could challenge the negative outlook.
Technical Indicators Signal Selling Pressure
According to TradingView data, NEAR Protocol ($NEAR) will likely experience more weakness in March, making this month important for its price.
NEAR is currently trading at $2.57, with moving averages indicating strong resistance. Short-term moving averages, such as the 10-day and 20-day, show a “Sell” signal, as NEAR has not retaken important price levels. Even the long-term averages, such as the 50-day and 200-day, are all trending downward.
With the market signaling intense selling pressure, traders should be cautious of expecting a quick turnaround.
If selling persists, NEAR Protocol’s price may decline further to the $1.90 support level, aligning with the analyst’s predictions. However, if the broader market regains strength and buyers step in, NEAR could attempt to reclaim higher resistance levels.
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