NEAR Technical Analysis: Downfall Soon To Test The 200-day EMA

The NEAR coin price shows increased selling pressure as the downtrend gains momentum. Will the 200-day EMA be able to reverse the trend again? NEAR Protocol is a layer-one blockchain designed to be a cloud computing platform run by the community and removes certain limitations that have plagued other blockchains. Some examples of such limitations are the slow speed of transactions, slow throughput, and insufficient interoperability. The protocol makes use of the Nightshade technology to increase transaction speed by a huge amount. Nightshade is a variant of sharding that lets each set of validators process transactions simultaneously across several chain shards. Thus, increasing the overall performance of the Blockchain. Let us move ahead to read about Near Protocol technical analysis. Past Performance of NEAR NEAR token price fell more than 10% in the past 72 hours with a morning star pattern near $13.75. The downfall cracks into the support zone at $12 with a bearish engulfing candlestick in the daily chart. Moreover, the price surpasses the 50 and 100-day EMA projecting growth of bearish sentiments. NEAR/USD Daily Chart NEAR Technical Analysis The NEAR coin price breaks below the $12 mark and hangs tight in the support zone below. However, the rising trend momentum indicates a high likelihood of a bearish fallout. Hence, traders can find selling opportunities shortly. The Stochastic RSI indicator shows a steep fall in the K...