Near Protocol Surges 20%, But Can It Sustain Its Gains?

• Near Protocol (NEAR/USD) ended 2022 on a low note at $1.26.
• NEAR has recovered by almost 20% in the past week.
• NEAR is trading at the descending trendline and could correct downwards.

Near Protocol (NEAR/USD) has had a difficult end to 2022, closing the year at just $1.26. The cryptocurrency had started the year at a much higher price of $16, but the selloff accelerated in November 2022 following news of FTX investing $50 million in Near Protocol tokens. This led to investors shying away from the cryptocurrency, but as 2023 has kicked off, Near Protocol tokens have seen a surge of nearly 20% in the past week.

The price increase has been underscored by a huge buy-side volume spike as the token bottomed at $1.25. The spike saw NEAR reach $1.65, showing that investors are regaining confidence in the token. As of now, NEAR is trading at the descending trendline and it could correct downwards. Despite the recent surge in price, there are no clear indicators that the token will sustain these gains.

The outlook for NEAR is uncertain and it is difficult to predict how the cryptocurrency will perform in the future. The recent surge in price has been encouraging for investors, but whether the token will continue to rise or fall is anyone’s guess. It is important for investors to monitor the token closely and make informed decisions about when to buy and sell.

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