Following a period of decline, the market for Near Protocol [NEAR] experienced a shift as bullish momentum led to a green tint on the token’s charts. This prompted CryptoCrypto to delve into the token’s data and technical signals to formulate a price forecast for Near Protocol.
Upward Momentum for NEAR
The past week saw NEAR bulls taking charge as the token’s price surged by more than 2%. Over the last 24 hours, the token witnessed an additional 3% increase, further solidifying its bullish stance.
As of the latest data, NEAR was trading at $4.02 with a market capitalization exceeding $4.5 billion.
The upswing in price also exerted a positive influence on the token’s social metrics. Notably, NEAR’s Weighted Sentiment transitioned into positive territory, reflecting prevalent bullish sentiment in the market. Furthermore, Social Volume remained steady over the previous week, indicating sustained interest in the token.
Interestingly, despite the price surge, NEAR protocol’s captured value exhibited a decline. Analysis of DeFiLlama’s data by CryptoCrypto revealed diminishing fees and revenue for NEAR over recent months.
Foreseeing NEAR Protocol’s Price Trajectory
Turning to the on-chain data, CryptoCrypto assessed whether a continued upward price trend was feasible for NEAR. The review revealed an uptick in NEAR’s Trading Volume matching the price surge, while Open Interest also climbed.
An escalation in Open Interest typically indicates favorable prospects for the existing price trend to persist, aligning with the bullish outlook observed in this instance.
However, not all indicators favored NEAR’s trajectory. The token’s Long/Short Ratio saw a downturn, implying an increase in bearish sentiment within the market due to a larger presence of short positions compared to long ones.
Despite this, the technical signals remained bullish, with the MACD indicating a bullish crossover. NEAR protocol’s Money Flow Index (MFI) showed an upward trend, suggesting a probable continuation of the price uptick in the days ahead.
Based on the current NEAR protocol price forecast, investors are advised to monitor the crucial resistance level at $7.8. A breakout beyond this point could trigger a substantial recovery, potentially propelling NEAR towards the $15 mark in the upcoming months. Conversely, a reversal by the bears could see NEAR decline to $1, illustrating the volatility inherent in the market.