In the previous week, Near Protocol [NEAR] has emerged as one of the top gainers in the market, showcasing a notable 41.23% surge. Over the past 24 hours alone, it has experienced a 12.78% increase, solidifying its position for a sustained uptrend.
While the current rally of NEAR hinges on a crucial factor, CryptoCrypto has identified numerous indicators that bolster its continuous upward momentum.
NEAR Potentially Eyeing a 33% Increase, Yet…
NEAR recently broke out of a descending trendline, propelling its weekly gains, and maintained this momentum after surpassing the resistance level at $5.548.
Presently, NEAR is encountering a significant resistance at $6.406, which might impede its current surge. This level is anticipated to contain substantial selling pressure that could hinder further price appreciation.
Nevertheless, if the bullish trend persists, NEAR could potentially breach this obstacle and surge by 33%, aiming for $8.520.
Failure to breach the $6.406 barrier may lead NEAR into a consolidation phase, oscillating within the range of $6.406 to $5.548.
Despite this hurdle, CryptoCrypto remains bullish on NEAR, backed by favorable market conditions.
Positive Momentum Prevails for NEAR
Technical indicators indicate a bullish stance for NEAR, potentially driving its value higher.
The Parabolic SAR (Stop and Reverse) is employed to ascertain trend direction and reversal points by plotting dots above (bearish) or below (bullish) price movements.
Currently, the indicator has turned bullish, with dots appearing below the price, suggesting a buildup of momentum for a continued upward trajectory.
Similarly, the Bull/Bear Power (BBP), reflecting the balance between buyers (bulls) and sellers (bears), signals a shift towards bullish market strength.
The presence of consecutive green bars on the chart reinforces this narrative, indicating bullish control and hinting at a potential further rally for NEAR.
Various Factors Converge to Support NEAR’s Upward Trend
Development activity, monitoring ongoing enhancements to the NEAR Protocol ecosystem, has been on an upswing, signaling positive momentum.
Historically, heightened development activity often precedes price surges, and NEAR seems poised for additional growth.
Moreover, according to Coinglass, Open Interest and the Long-to-Short ratio are aligning favorably for NEAR, bolstering its potential to overcome resistance levels.
NEAR’s Open Interest has increased by 20.58% in the last 24 hours, reaching $398.10 million.
Simultaneously, the Long-to-Short ratio favors the bulls, standing at 1.0358, indicating a prevalence of long positions in the current market sentiment.