NEAR Protocol is Going to Zero as NEAR Price Plummets 10% Overnight While This New Meme Coin Just Raised $1.1 Million – 100x Potential?

The hopes of NEAR holders are on the rocks as a failed recovery rally seems destined for a downside slide. This comes amid a last-ditch attempt to push up out of consolidation - but is it doomed to fail?

After more than two years of heartfelt holding and despair, which has seen NEAR bleed out more than -92% since the all-time high in January 2022, there are signs of life emerging in price structure.

Could NEAR Mount Recovery Rally: NEAR Price Analysis

As the embers are stoked from three days of consolidation at the rock-bottom $1.40 price level, NEAR is attempting to push up, currently trading at $1.387 (a 24-hour change of -0.58%).

This comes as price stabilizes following a -14% localized retracement move, triggered on July 20 after price action met stiff resistance from the upper trendline at a major price level around $1.60.

Forming a local ceiling of resistance, the $1.60 price level remains unbroken since June 5 - spotlighting more than 2 months of hard fought downside moves.

Critical to the ongoing battle for support stands the 20DMA, which has formed a level of choppy support despite serial trips south as hot wallets traded the slide.

Yet, there are some reasons to be cheerful, NEAR's RSI has cooled-off significantly in the recent retracement move, and now stands with a bullish divergence at 46.

Although there is little support to be found in the MACD, which contrasts this with bearish divergence at -0.011%.

Trapped in a seemingly endless downward spiral, the upside potential is limited here with a return to $1.6 likely to meet tough resistance once more (limiting upside to +16%).

Meanwhile, downside risk remains similarly limited with a foundational support level at $1.25 likely forming a baseline (limiting downside to -9.35%).

This leaves NEAR with a tricky risk: reward ratio of 1.71 - seemingly positive but against a bleak headwind of long-standing downside movements.

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^{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}