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

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  • Near coin has recovered almost 20% in a week

  • The Cryptocurrency Sees Growth After a Disastrous 2022 Bottom of $1.25

  • NEAR face is on a descending trendline and may correct to the downside

The Near Protocol (NEAR/USD) ended 2022 on a low note. At just $1.26 on 31 December 2022, NEAR is one of the worst performers cryptocurrency, starting the year above $16. The sell-off in cryptocurrencies intensified following the collapse of FTX in November 2022. Investors flagged the cryptocurrency after reports showed FTX had invested nearly $50 million in the Near Protocol token.

But as 2023 dawns, investors are accumulating Near Protocol Tokens. With an increase of almost 20% in the past week, NEAR is one of the top-grossing cryptocurrencies. This was underlined by a huge buy-side volume spike as the coin hit a low of $1.25. Spike sees NEAR at $1.65.

Near price outlook and analysis amid increasing bullish pressure

NEAR/USD Chart by TradingView

The daily chart outlook shows NEAR trading on a descending trendline. The cryptocurrency is trading on the system of lower lows and lower highs. The coin is back on the descending trendline, with the volume indicators showing the entry of the bears.

Will NEAR Maintain Profits?

There are no clear indicators for the recent surge close to price, This could be due to the drop in prices following the collapse of FTX, giving investors opportunities.

From the price action and technical indicators, NEAR remains bearish and cannot sustain the gains. The bears have started to regain control of the price as soon as it hits the downtrend line. With it showing little signs of bearishness, a correction could be difficult in the near term. It is recommended to buy the token on a confirmed uptrend.

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