NEAR Technical Analysis: Downfall Brings More Discounted Prices

The NEAR coin price cuts in half with a dramatic fall from $20. The breakout of multiple support levels suggests a bearish continuation. NEAR Protocol is a layer-one blockchain designed to be a cloud computing platform run by the community. It eliminates some of the shortcomings that plagued competing blockchains, such as slow transactions speed, slow throughput, and insufficient interoperability. This is a perfect platform for DApps and provides an easy-to-use and developer-friendly platform. The protocol, for instance, utilizes account names that are human-readable, as opposed to digital wallet addresses that are common to Ethereum. Additionally, it provides innovative solutions to scaling issues and also has its own consensus mechanism, dubbed “Doomslug.” Let us move ahead to read about Near Protocol technical analysis. Past Performance of NEAR The NEAR coin price cuts in half within a span of 10 days due to the rejection near the $20 mark. The free fall breaks multiple crucial support levels in the daily chart, reflecting the sellers-driven market. The coin price falls by more than 10% in the past 24 hours as the downtrend continues below the horizontal zone at $12. NEAR/USD Daily Chart NEAR Technical Analysis The NEAR coin price approaches the support level at $10.25 with a huge bearish candle in making. However, the increased selling pressure indicates the possibility of a downfall to the support level at $8. The coin pr...