• Near Protocol (NEAR/USD) ended 2022 on a low note, starting the year above $16.
• Investors have been accumulating Near Protocol tokens, with a surge of nearly 20% in the past week.
• NEAR traded at the descending trendline with volume indicators showing the entry of bears.
Near Protocol (NEAR/USD) ended 2022 on a low note, with the token starting the year above $16. The cryptocurrency saw a disastrous selloff in November 2022 post-FTX collapse, with investors earmarking the cryptocurrency after reports showed FTX had invested in Near Protocol tokens for nearly $50 million.
However, as 2023 kicked off, investors have been accumulating the Near Protocol tokens, leading to a surge of nearly 20% in the past week. This is underlined by a huge buy-side volume spike as the token bottomed at $1.25, pushing the price to $1.65.
The daily chart outlook for NEAR shows the token trading at the descending trendline. The cryptocurrency has been trading on a system of lower lowers and lower highs, with the volume indicators showing the entry of bears.
Given the recent surge in NEAR price, it is unclear if the token will sustain the gains. There are no clear indicators for the recent surge in NEAR price and the token could correct downwards if it is unable to break past the descending trendline.
It is important to keep an eye on the volume and price movements of NEAR in the coming days to get a better idea of the token’s current position. If the token fails to break past the descending trendline, it could be an indication that the recent surge was a temporary phenomenon and that bearish pressure is still present.