- NEAR price action has tilted towards the bearish side of things, especially in the past two weeks.
- Its volume recently reached a new low. However, it recorded a slight increase in volume
Although NEAR put in an unenthusiastic performance last week, things could change soon. The currency’s performance reflects the lack of bullish motivation, given the sharp crash in the previous week. Hence, this new week may bring some good news for the owners, and here’s why.
Read the NEAR 2023-24 price forecast
NEAR Protocol has announced a partnership with ESG DAO which will likely resume development activity. This development reflects the aspirations of the Protocol towards the sustainability agenda.
Its participation in this rating platform will put the spotlight on the network’s growing ecosystem, particularly with a focus on real-world utility.
We have collaborated with @employee To enable them to build the world’s first credible, independent, democratic and impartial set of ESG ratings.
on me #nearnaturally.
Read more 👇 https://t.co/1BtCGmiMNk pic.twitter.com/seVP5sIchc
– NEAR protocol | Create without limits (NEARProtocol) November 27, 2022
The announcement revealed that the partnership will aim to facilitate the creation of a superior type of ESG rating. But that may not be enough to trigger a resurgence in development activity, as metrics are at a monthly low at the time of writing.
Source: feeling
Low development activity often results in lower investor confidence. Unsurprisingly, NEAR price action has tilted towards the bearish side of things, especially over the past two weeks.
Weighted sentiment indicated that investor confidence has softened significantly since mid-November. However, it was still much higher than its current monthly level.
Source: feeling
Demand for NEAR in the derivatives sector reflects market sentiment notes. While the above metrics favored the bears, there was one particular note that indicated a change in trend.
NEAR volume recently reached a new low. However, it recorded a slight increase in volume, especially in the last 24 hours. This is especially important given the current price level of NEAR.
Source: feeling
Price action from NEAR indicates…
NEAR extended its downside in the past 24 hours to $1.48. Thus, leading to a re-test of its monthly low. More tellingly, the price is now within the same lower band as its all-time low.
Source: TradingView
If history repeats itself, NEAR investors should prepare for another bounce. Interestingly, the slight increase in volume observed over the past 24 hours reversed an upward trend in the Money Flow Index. Accumulation mark near its current lower range.
Well, the altcoin has already fallen more than 55% from its monthly high. This discount is likely to be attractive to investors and hence there is potential for demand to resume near current lows.