NEAR Price Prediction 2023-24
• NEAR more than doubled in value after the January rally, jumping from $1.247 to $2.721
• Increasing RSI divergence indicates a likely correction in the next few days
• Fluctuating OI and declining active users could undermine further uptrend momentum
NEAR’s Successful Rally in January
In January 2021, NEAR Protocol (NEAR) experienced an impressive bullish run where it surged from $1.247 to $2.721. However, at press time its value had dropped to $2.501 and the Relative Strength Index (RSI) exhibited a downtrend from mid-January – indicating a likely correction in the next few days. This correction could target either the support level at the 50% Fib level of $1.984 or held by the 100-day EMA or 61.8% Fib level as short-selling targets if it occurs. But if bulls break above the 100% Fib level of $2.721 then an upswing will be seen which will allow them to retest either October’s support level of $2.771 or November’s high of 3342$.
Fluctuating Open Interest Rates
According to Coinglass data, NEAR’s open interest (OI) rates have been fluctuating which has undermined a strong uptrend rally and at press time OI had dropped sharply but flattened out indicating a possible change of momentum that could support NEAR’s uptrend although an extended drop in OI could weaken buying pressure needed for strong uptrend momentum leading bears to devalue NEAR and set it into a correction.
Decrease In Active Users
The daily active users and trading volumes for NEAR also dropped from mid-January which shows fewer accounts were trading NEAR thus weakening buying pressure needed for an uptrend momentum allowing bears to take over and cause corrections in price action .
The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion NEAR was bullish at press time