{"id":610814,"date":"2024-05-31T13:30:38","date_gmt":"2024-05-31T13:30:38","guid":{"rendered":"https:\/\/www.wncen.com\/?p=610814"},"modified":"2024-06-11T14:04:54","modified_gmt":"2024-06-11T14:04:54","slug":"near-protocol-37-crash","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/near-protocol-37-crash\/","title":{"rendered":"Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash"},"content":{"rendered":"<p class=\"p2\"><a href=\"https:\/\/www.wncen.com\/news\/near-protocol-soars-7-3-is-it-poised-to-go-higher\/\">Near Protocol has had a good year in 2024 <\/a>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.<\/p>\n<h2 class=\"p2\">Near Protocol Breaks Out Of Wedge Pattern<\/h2>\n<p class=\"p2\">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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/shiba-inu\/shiba-inu-elliot-wave-count\/\">Shiba Inu Elliot Wave Count Falls Into Place, Here\u2019s Where The Bullish Wave 4 Says The Price Is Headed<\/a><\/div>\n<p class=\"p2\">Following the breakout, the altcoin\u2019s 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.<\/p>\n<p class=\"p2\">Crypto analyst Kledji Cuni <a href=\"https:\/\/www.tradingview.com\/chart\/NEARUSDT\/6KegPEOg-NEAR-USDT-broke-out-from-a-wedge-pattern-showing-more-weakness\/\" rel=\"nofollow\">revealed<\/a> 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.<\/p>\n<p class=\"p2\">As for how the price will move from here, the analyst expects that <a href=\"https:\/\/www.wncen.com\/analysis\/near\/near-protocols-expansion-q4-2023-shows-1250-rise-in-daily-active-addresses\/\">Near Protocol will continue to fluctuate<\/a> around its current level of $7.3. However, the downtrend is expected to happen regardless. \u201cThe price may spend some time in the same zone before it moves down for an impulsive,\u201d he stated.<\/p>\n<p class=\"p2\">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.<\/p>\n<h2 class=\"p2\">A Reversal In The Cards?<\/h2>\n<p class=\"p2\">Recent developments in the metrics of Near Protocol lend credence to the crypto analyst\u2019s prediction of an impending decline. For one, <a href=\"https:\/\/www.wncen.com\/analysis\/near\/near-protocols-expansion-q4-2023-shows-1250-rise-in-daily-active-addresses\/\">the coin<\/a> 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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/cardano\/cardano-price-prediction-8300-38\/\">Cardano Price Prediction: Crypto Pundit Forecasts 8,300% Rally To $38, Here\u2019s When<\/a><\/div>\n<p class=\"p2\">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.<\/p>\n<p class=\"p2\">At the time of writing, <a href=\"https:\/\/www.wncen.com\/news\/near-protocol-soars-7-3-is-it-poised-to-go-higher\/\">Near protocol is trending $7.3<\/a>, with a 0.89% decline in the last day and a 4.28% decline in the last week.<\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/4pXPSwFj\/\" alt=\"Near Protocol price chart from Tradingview.com\" width=\"3286\" height=\"1576\"><figcaption class=\"wp-caption-text\">Bulls fight to hold price up | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">NEARUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from U.Today, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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: Shiba Inu Elliot Wave Count Falls Into Place, Here\u2019s Where The Bullish Wave 4 Says The Price Is Headed Following the breakout, the altcoin\u2019s 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. \u201cThe price may spend some time in the same zone before it moves down for an impulsive,\u201d 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\u2019s 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: Cardano Price Prediction: Crypto Pundit Forecasts 8,300% Rally To $38, Here\u2019s When 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<\/p>\n","protected":false},"author":594,"featured_media":610817,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,6664,26263,14690,85054,92484,86725,86783,92482,92483,88117,85055],"class_list":["post-610814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-near","tag-near-news","tag-near-price","tag-near-protocol","tag-near-protocol-news","tag-near-protocol-price","tag-nearusd","tag-nearusdt"],"acf":[],"yoast_head":"\n<title>Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash<\/title>\n<meta name=\"description\" content=\"Near Protocol has had a good year in 2024 so far and has continued to hold up quite nicely 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash","url":"http:\/\/www.wncen.com\/news\/near-protocol-37-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/near-protocol-37-crash\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/05\/Near-protocol-Small.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/05\/Near-protocol-Small.jpeg?fit=320%2C180"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","crypto","crypto analyst","crypto news","near","near news","near price","near protocol","near protocol news","near protocol price","nearusd","nearusdt"],"dateCreated":"2024-05-31T13:30:38Z","datePublished":"2024-05-31T13:30:38Z","dateModified":"2024-06-11T14:04:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/near-protocol-37-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/near-protocol-37-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Near-protocol-Small.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Near-protocol-Small.jpeg?fit=320%2C180\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"crypto\",\"crypto analyst\",\"crypto news\",\"near\",\"near news\",\"near price\",\"near protocol\",\"near protocol news\",\"near protocol price\",\"nearusd\",\"nearusdt\"],\"dateCreated\":\"2024-05-31T13:30:38Z\",\"datePublished\":\"2024-05-31T13:30:38Z\",\"dateModified\":\"2024-06-11T14:04:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/05\/Near-protocol-Small.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/610814"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=610814"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/610814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/610817"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=610814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=610814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=610814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}