We have seen many examples of local cryptocurrencies experiencing impressive rises. This cryptocurrency is going through a similar period. NEAR Coin, which is considered one of the Sam Coins, has not been able to recover as strongly as its big brother SOL. In fact, the price is going to new lows as most investors choose the easy way out and say goodbye.
Among the altcoins supported by FTX and hence Sam, NEAR Coin was the most remarkable. While investors showed interest in its massive growth potential, FTX’s collapse shattered all expectations. On the other hand, as the number of l1 and l2 solutions rapidly increased, it became more difficult for the NEAR Coin team to stay at the top in competition.
Today, the price of Near Protocol (NEAR) fell below $1 for the first time since 2020. The price reached $0.97 and the RSI indicates that there could be further decline. Although the BTC price is above $28,500, recent bad experiences are causing sleepless nights for investors due to the risk of rapid decline.
Since reaching its all-time high price of $20.60 in January 2022, the price of NEAR Coin has fallen and lost its horizontal support area of $1.25. The price has not reached this level for almost 1000 days.
The weekly RSI confirms the downward trend, and the price of NEAR Coin is erasing all the gains of the bull season. When you look at the price chart, it was at the bottom of a mountain in 2020, and now it seems to be walking on the other slopes of the mountain. This situation is making investors who bought in early 2022 regretful for not fleeing the project during the FTX collapse.
The daily chart shows that the recent decline since February is within a decreasing parallel channel. NEAR is below the resistance line of the channel. If the price trades above the upper part of the channel, it can be considered a bullish signal. However, in an environment where the $1.1 support cannot be regained, deeper lows are also possible.
The daily RSI is decreasing along with the price, which could be a clear sell signal. If the selling continues, losses could deepen towards the $0.8 and $0.56 regions. However, if the resistance line is surpassed and the RSI reclaims the neutral zone, a test of $1.6 is possible.