NEAR Protocol Experiences Significant Rally
NEAR Protocol has surged by over 11%, trading around the $3 mark.
However, with a slight pullback, the overall crypto market cap has dipped to $4.09 trillion. This downturn could undermine recent gains, resulting in many assets moving into the red. Prominently, leading cryptocurrencies like Bitcoin and Ethereum are also trading lower. The question remains: Can the bulls make a comeback and push the prices back to their previous highs?
Among the altcoins, NEAR Protocol (NEAR) exhibited a remarkable rally of over 11.78%. Early in the day, it traded at a low of $2.87. As bullish momentum entered the NEAR market, the price increased, reaching a peak of $3.27. Additionally, the asset successfully tested and broke through the critical resistance zones between $2.91 and $3.23.
At the time of writing, NEAR Protocol is trading at approximately $3.22, with its market cap resting at $4.02 billion. Moreover, the daily trading volume has surged by over 138%, hitting $665.41 million. According to data from Coinglass, the market has experienced a liquidation of $2.23 million worth of NEAR within the last 24 hours.
Market Indicators and Trends
The Moving Average Convergence Divergence (MACD) line for NEAR Protocol is situated above the signal line, indicating that bullish momentum is present in the market. Furthermore, the potential for further upward movement exists. The Chaikin Money Flow (CMF) indicator for NEAR is currently at 0.19, which is positive and suggests that buying pressure is surpassing selling pressure. This inflow of money into the asset implies accumulation.
The upward trend observed in the asset’s price chart has resulted in the formation of green candles. Active bulls may push the price toward the resistance level around $3.28. Should this bullish correction continue, it could lead to the formation of a golden cross, with the price of NEAR Protocol potentially advancing to the $3.34 range.
If a bearish reversal were to occur, the price chart would begin to show red, indicating a negative outlook. In this scenario, the NEAR Protocol price could quickly drop to the support level at $3.16. If the downside correction gains strength, bears may initiate the death cross, driving the price below $3.10.
Further Technical Analysis
Furthermore, the daily Relative Strength Index (RSI) value of NEAR, currently at 78.07, is above the typical overbought threshold of 70. This suggests a significant bullish sentiment, though a pullback or consolidation may be on the horizon. NEAR Protocol’s Bull Bear Power (BBP) reading of 0.357 indicates that bulls are presently in control. As this value is relatively moderate, there is potential for a shift in momentum.
