Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash

Near
Protocol
has
had
a
good
year
in
2024
so
far
and
has
continued
to
hold
up
quite
nicely
despite
the
multiple
crashes
that
have
rocked
the
market.
However,
it
seems
that
the
altcoin
may
have
exhausted
its
runway,
as
a
crypto
analyst
believes
its
earlier
breakout
is
very
bearish
for
the
price.

Near
Protocol
Breaks
Out
Of
Wedge
Pattern

At
the
start
of
the
month
of
May,
the
Near
Protocol
price
had
formed
a
wedge
pattern
after
falling
to
$5.5
and
then
recovering
slightly.
This
wedge
pattern
would
hold
its
price
in
a
tight
range
for
a
while.
However,
by
the
middle
of
the
month,
the
Near
Protocol
price
broke
out
of
the
wedge
pattern
and
began
a
move
upward.

Related
Reading

Following
the
breakout,
the
altcoin’s
price
saw
an
over
15%
recovery
that
put
its
price
firmly
above
$8,
but
this
did
not
last
for
long.
Once
the
Bitcoin
price
began
to
retrace
and
the
crypto
market
followed,
so
did
the
Near
Protocol
price
decline.
This
confirmed
the
bearishness
hat
was
brewing
in
the
price
of
the
coin.

Crypto
analyst
Kledji
Cuni

revealed
in
a
TradingView
post
that
this
breakout
remains
bearish
for
the
price.
According
to
him,
the
pattern
is
still
very
solid,
meaning
that
the
breakout
actually
marked
the
beginning
of
the
bearish
trend.

As
for
how
the
price
will
move
from
here,
the
analyst
expects
that

Near
Protocol
will
continue
to
fluctuate
around
its
current
level
of
$7.3.
However,
the
downtrend
is
expected
to
happen
regardless.
“The
price
may
spend
some
time
in
the
same
zone
before
it
moves
down
for
an
impulsive,”
he
stated.

Targets
for
the
decline
include
an
initial
8%
drop
to
$6.78.
Following
this
is
another
expected
drop
down
to
the
$6
level.
Then
finally,
the
analyst
expects
the
downtrend
to
bottom
out
around
$4.6.
If
it
goes
this
low,
it
would
mean
a
total
decline
of
37%
from
its
current
price.

A
Reversal
In
The
Cards?

Recent
developments
in
the
metrics
of
Near
Protocol
lend
credence
to
the
crypto
analyst’s
prediction
of
an
impending
decline.
For
one,

the
coin
is
seeing
losses
in
the
last
month
after
starting
off
2024
on
a
very
strong
foot.
This
is
in
addition
to
the
notable
decline
in
its
daily
trading
volume.

Related
Reading

The
Near
Protocol
daily
trading
volume
has
dropped
more
than
18%
in
the
last
day
to
approximately
$246
million.
This
decline
suggests
a
decline
in
interest
in
the
altcoin
and
could
be
a
contributing
factor
to
the
decline.

At
the
time
of
writing,

Near
protocol
is
trending
$7.3,
with
a
0.89%
decline
in
the
last
day
and
a
4.28%
decline
in
the
last
week.

Featured
image
from
U.Today,
chart
from
Tradingview.com