DEATH CROSSES AND DOOMSDAY: Is Near Crypto’s Price About to Hit ROCK BOTTOM?!

Well, well, well. Look who’s having a spot of trouble. Near Protocol token has taken a bit of a tumble, crashing to its lowest level in 12 months. And, if you’ll excuse the pun, it’s formed a death cross pattern. Because, you know, that’s exactly what you want in a cryptocurrency: a harbinger of doom. 🌪️

Near (NEAR), a layer-1 cryptocurrency valued at $3.7 billion, declined even after developers announced some “major news” on Thursday. Because, you see, announcing news is always a good way to boost the price of a cryptocurrency. 🙄 It’s not like people might actually care about the substance behind the announcement or anything.

They launched a new $20 million AI Agent Fund that will invest in projects in the artificial intelligence industry. Because, you know, AI is all the rage these days. It’s like the cryptocurrency equivalent of a participation trophy. 🏆 “Hey, we invested in AI! We’re so cool!”

AI agents have become popular in the technology and crypto industry in the past few months. For example, Virtuals Protocol (VIRTUAL), a popular AI generator, has achieved a market cap of over $1 billion. Some AI agents in the ecosystem like GAME, aixbt, Vader AI, and Acolyte have attained a multi-million dollar valuation. Because, you know, that’s exactly what you want in a cryptocurrency: a bunch of arbitrary numbers that mean nothing to anyone. 🤯

Near Protocol has made additional investments in AI. It is currently running the One Trillion Agents hackathon, an initiative designed to help developers build and scale AI projects on the Near network. Because, you see, the key to success in the cryptocurrency world is to throw a bunch of money at a problem and hope for the best. 🤔

Near crypto also retreated as the total value locked in its DeFi ecosystem continued falling. The network has a TVL of $170 million, down from last year’s high of over $393 million. Burrow, Linear Protocol, Meta Pool Near, and Ref Finance are the biggest players in its ecosystem. Because, you know, that’s exactly what you want in a cryptocurrency: a bunch of players with fancy names that nobody understands. 🤷‍♂️

Near crypto price forecast

The daily chart suggests Near could face further weakness in the coming days. It formed a triple-top pattern around the $8.255 level, a bearish formation characterized by three peaks and a neckline, which in this case is at $3.10. Near briefly moved below this neckline earlier in the week. Because, you know, that’s exactly what you want in a cryptocurrency: a bunch of technical analysis jargon that sounds impressive but means nothing. 🤓

The token has also formed a death cross pattern, where the 50-day and 200-day moving averages have crossed, a historically bearish signal in technical analysis. Because, you see, a death cross is always a good thing. It’s like a badge of honor. 🏆

Additionally, the Average Directional Index, which measures trend strength, has risen to near 40. A reading above 20 typically indicates a strengthening trend. Because, you know, that’s exactly what you want in a cryptocurrency: a bunch of arbitrary numbers that mean nothing to anyone. 🤯

As a result, Near is likely to continue declining, with sellers targeting the next key support level at $2.40, its lowest swing since January last year. Because, you see, that’s exactly what you want in a cryptocurrency: a bunch of arbitrary numbers that mean nothing to anyone. 🤯

2025-02-06 21:32

Near crypto price forecast

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