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NEAR Protocol Soars 7.3%, Is It Poised To Go Higher?

As the crypto industry navigates the waves of this bull run, projects like NEAR Protocol (NEAR) are edging forward with new partnerships and developments. NEAR’s remarkable performance has crypto analysts considering that the toke is getting underway for a massive surge.

Is NEAR Protocol A “Market Leader”?

At the beginning of the week, crypto analyst World of Charts recognized a bullish flag pattern formed on NEAR’s monthly chart. According to the analyst, a successful breakout could be followed by a 60-65% bullish wave in the coming days.

On Thursday, NEAR tested the $7.00 resistance level, reaching above the $7.50 mark before retracing as the day ended.

NEAR Protocol, crypto

Affirming his previous forecast, the analyst stated that if the token successfully holds above the breakout level, investors could expect the price to move towards $14-$15. Since then, the token has remained above the $7.00 mark, hovering between $7.3-$7.1.

Another crypto analyst has been following NEAR’s performance this week similarly. According to Bluntz, the token “has been one of the strongest movers from the lows and will probably be one of the first to make fresh highs.”

Moreover, he considers NEAR “one of the better performers” in the top 20 cryptocurrencies. Previously, the trader displayed a chart identifying an ABC zigzag pattern followed by a still-forming impulse wave pattern.

NEAR; crypto analyst

As NEAR broke out of the $7,00 resistance, the analyst reaffirmed his prediction for the token’s movements, considering it “a market leader right now.”

Bluntz added that the token kept “plodding along making fresh highs while everything else has stalled out and continued accumulating.”

Network Expansion And Price Surge

The NEAR Protocol is a Layer-1 “user-friendly and carbon-neutral” blockchain focused on performance, security, and scalability. According to its team, the “blockchain for everyone” was built with “usability in mind.”

NEAR’s total value locked (TVL) of $309 million makes it the 16th largest blockchain by this metric. Notably, the network has doubled its TVL since Q4 2023, when it sat in the 25th spot with $128 million.

The protocol collaborates with other projects constantly to continue “expanding financial horizons.” Projects like NodeKit and TrueZK have recently integrated NEAR’s solution designed for Ethereum rollups, NEAR DA.

Similarly, on Thursday, it announced its partnership with Colombian fintech Lulo X and Peersyst Technology “to redefine the parameters of digital finance.” These collaborations have been seemingly well-received by the NEAR community.

Despite being down by 6.25% in the monthly time frame and 65% below its all-time high (ATH) of $20,44 set in January 2022, the blockchain’s token has shown a remarkable performance during this bull run. In the last three months, NEAR has soared over 146%.

Moreover, the token’s daily trading volume has increased by 6.5% in the past day, with over $800 million traded. Likewise, its market capitalization has risen 5% during the same timeframe, making it the 17th biggest cryptocurrency by this metric.

As of this writing, NEAR is trading at $7.2, representing a 7.3% jump in the last 24 hours and a 26% rise in the past week.

NEAR, NEARUSDT, crypto

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NEAR Protocol’s Expansion: Q4 2023 Shows 1,250% Rise In Daily Active Addresses

NEAR Protocol, the Blockchain Operating System (BOS), experienced significant growth in key metrics during the fourth quarter (Q4) of 2023. The protocol’s native token, NEAR, recorded a remarkable 16% year-to-date growth and witnessed a surge in adoption. 

Circulating Market Cap Soars 245%

According to a Messari report, the entire crypto market cap increased in Q4 2023, largely driven by the anticipation surrounding the introduction of spot Bitcoin exchange-traded funds (ETFs). 

NEAR actively participated in the overall market rally and achieved additional gains due to its heightened network activity and significant announcements. As a result, NEAR’s circulating market cap for the end of 2023 reached $3.7 billion, marking a 245% increase quarter-on-quarter (QoQ) and a 246% increase year-on-year (YoY). 

crypto

Furthermore, NEAR’s fully diluted market cap reached $4.3 billion. The protocol’s market cap ranking also soared, climbing 10 places to reach approximately 30th by the end of 2023.

In Q4 2023, NEAR’s revenue grew substantially, primarily generated from network transaction fees, reaching $750,000. The increase in revenue was attributed to the heightened activity generated by projects such as KAIKAINOW and NEAR Inscriptions. 

During the Inscriptions craze, revenue surged due to a transaction spike, driving up transaction fees. Notably, NEAR employs a fee-burning mechanism, where 70% of all fees are burned, while the remaining 30% is directed to the contract from which the transaction originated.

NEAR User Base Skyrockets

Another key metric demonstrating the protocol’s growth in Q4 2023 is that NEAR experienced significant growth in its user base. 

Average daily active addresses increased by 1,250% YoY, reaching 870,000 in Q4 2023. In addition, the number of daily new addresses grew by a remarkable 550% YoY to 170,000 in Q4 2023. 

NEAR

According to Messari, this expansion comes after the successful launch and adoption of projects such as KAIKAINOW and contributions from the Sweat Economy, Aurora, and Playember, which further supported this positive trend.

NEAR’s daily active addresses were notably higher than those of other leading blockchain networks. For example, Optimism averaged 72,000 daily active addresses, Arbitrum 150,000, Polygon PoS 375,000, and Aptos 60,000 in Q4 2023.

NEAR Inscriptions significantly drove network activity, reaching a yearly high of 14 million transactions in December. Despite this substantial increase, transaction fees remained stable, staying below $0.01 for the quarter. 

Top 25 Blockchain By TVL In Q4 2023

NEAR’s Total Value Locked (TVL) reached $128 million by the end of Q4 2023, marking a remarkable 147% increase from the previous quarter. Among blockchains, NEAR positioned itself at approximately 25th place regarding TVL. 

Within the NEAR Network’s TVL, NEAR contributed $59 million, accounting for nearly 46% of the total TVL on the network. The remaining TVL was distributed across various decentralized finance (DeFi) applications, including Aurora, Ref, Berry Club, and Flux.

NEAR

Additionally, NEAR announced partnerships with projects such as Chainlink and decentralized exchange (DEX) SushiSwap. 

According to Messari, the integration with Chainlink’s decentralized oracle network provided NEAR developers with access to real-world data and external Application Programming Interfaces (APIs), enhancing the functionality and usability of NEAR-based applications. 

On the other hand, the collaboration with SushiSwap allowed NEAR users to access a wide range of token swaps, liquidity pools, and yield farming opportunities, enabling developer adoption and increased usage within the ecosystem. 

Ultimately, looking ahead to 2024, Messari said the protocol’s vision is to iterate the technology roadmap, attract more developers, and attract more leading protocols. 

NEAR

Featured image from Shutterstock, chart from TradingView.com

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NEAR: 3 Reasons This Crypto Is Up 80% While Others Hibernate In The Run-Up To 2024

In the prevailing bearish backdrop of the broader cryptocurrency market, NEAR Protocol (NEAR) emerges as a noteworthy exception, showcasing remarkable resilience and defying the prevailing downtrend. Its trajectory has been one of sustained upward momentum, a trend that notably took root around mid-December and has continued to gather strength.

Unlike the general market sentiment characterized by a downturn, NEAR has not only weathered the storm but has surged impressively. Over the last seven days, the cryptocurrency has experienced a significant 80% increase in value, a feat that has not gone unnoticed by market participants and enthusiasts alike.

This surge has effectively propelled NEAR to double its base value, which stood at $4.24, signaling a robust and impressive performance in contrast to the prevailing market conditions.

Here are three reasons why this token is thawing in the run-up to 2024:

NEAR: Technical Resilience

NEAR’s upward trajectory is not a mere coincidence but is supported by robust technical indicators. A decisive price breakout on December 21st shattered a crucial resistance level at $4.0, paving the way for sustained growth.

This breakout generated warmth for further price appreciation. Furthermore, an ascending trendline, currently positioned at $3.7, acts as a reliable support against potential downward movements.

The Average Directional Index (ADX) at 40% signals potential buyer exhaustion but also indicates a healthy correction for long-term bullishness, portraying an enduring technical strength that is not easily extinguished.

Community Momentum

NEAR’s success is not a solitary achievement; it is a result of a thriving community. The trading volume has surged impressively by 170% over the past week, reaching over $410 million on December 25th alone.

This surge in trading activity underscores the growing investor confidence. Open Interest (OI), representing future buying potential, has also surpassed $140 million, reflecting a shared optimism that NEAR’s flame is burning bright.

This fervent belief adds fuel to the fire, attracting a considerable number of new participants—over 48,000 in the past week—drawn to the warmth of the NEAR ecosystem.

Future Roadmap

Looking ahead, NEAR’s future appears ablaze with ambitious plans outlined in its 2024 development roadmap. These plans include high-speed transactions exceeding 100,000 per second, enhanced scalability to eliminate bottlenecks, and the introduction of innovative dApps like Nightshade 2.0, promising enhanced privacy and security.

These developments solidify NEAR’s position as a frontrunner in the crypto space, leaving competitors in the shadows and envying its progress.

NEAR’s ability to withstand the challenges of the current market makes it a beacon of hope for investors seeking both warmth and growth. As market conditions gradually improve, NEAR is poised to breach the $5 barrier, representing a potential 30% increase from its current price.

This outlook is likely to attract those yearning to escape the chill of the crypto winter, further cementing NEAR’s position as a noteworthy player in the evolving crypto landscape.

Featured image from Shutterstock

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NEAR Foundation And Eigen Labs Team Up To Improve Web3 Transactions On Ethereum Rollups

The NEAR Foundation has announced a strategic partnership with Eigen Labs, a startup focused on building the Ethereum restaking protocol Eigen Layer. 

While addressing the challenges of liquidity fragmentation between Layer 2 (L2) solutions, the collaboration aims to reinvent Ethereum (ETH) roll-up transactions, making them “more cost-effective and efficient.”

Rapid And Affordable Ethereum Transactions? 

In a joint statement released on November 10, the NEAR Foundation and Eigen Labs unveiled their plans to develop a “fast finality layer” to power rapid and inexpensive transactions for Ethereum rollups, including cross-rollup transactions. 

Per the announcement, the collaboration seeks to significantly reduce transaction processing times to a mere 3-4 seconds, a notable improvement compared to the minutes, hours, or even days it currently takes. Moreover, it aims to make transactions 4000 times cheaper than existing options, providing a cost advantage for users.

Furthermore, one of the partnership’s key objectives is to establish “secure and low-latency” cross-rollup communication, resolving the challenges faced by developers and founders working with rollups. 

As announced, the Fast Finality Layer will maintain the “security guarantees” of Ethereum while introducing additional guarantees from the NEAR and EigenLayer technologies.

Both protocols believe this solution promises to enhance liquidity by reducing fragmentation between Layer-2 solutions, empowering developers to make informed decisions regarding the sequencers they prefer for transaction processing.

NEAR And Eigen Labs Partnership For ‘Seamless Web3 Integration’

Illia Polosukhin, co-founder of NEAR Protocol, expressed pride in partnering with Eigen Labs, emphasizing that the fast finality layer showcases the technological strengths of NEAR while making the Open Web more user-friendly. Polosukhin further stated:

NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to offer a fast finality layer for ETH rollups. The fast finality layer showcases the strengths of NEAR’s technology while making the Open Web more usable, which has always been the core goal for NEAR. It will also help defragment liquidity for Ethereum rollups and make all of Web3 more interoperable as a result.

For his part, Sreeram Kannan, founder of Eigen Labs, shared his enthusiasm for the partnership and highlighted the mutual benefits it brings. In his words, the collaboration will leverage the innovative technologies of both NEAR and EigenLayer, enabling faster, cheaper, and easier development on the Ethereum network.

The collaboration between NEAR and Eigen Labs marks a significant milestone for EigenLayer, as it enables fast settlement for cross-rollup transactions and demonstrates wider adoption of restaking across the Ethereum ecosystem and beyond. 

For NEAR, the partnership extends to enhancing the NEAR-Ethereum Rainbow Bridge by transitioning it to an actively validated service (AVS). This transition is expected to enhance bridging capabilities between NEAR and Ethereum, enabling faster transaction finality, increased security guarantees, and improved decentralization.

The collaboration is expected to launch a testnet in Q1 2024, and further details will be shared then. This partnership between the NEAR Foundation and Eigen Labs holds great promise for advancing Ethereum rollup transactions, improving liquidity, and driving the broader adoption of Web3 technologies.

NEAR

Featured image from Shutterstock, chart from TradingView.com 

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Polygon Labs And NEAR Foundation Partner For zkWasm L2 Prover Integration

Polygon Labs (MATIC) and the NEAR Foundation have recently announced their collaboration on the development of a zero-knowledge (ZK) prover for the WebAssembly (Wasm) blockchain.  

The alliance aims to “bridge the gap” between Wasm-based chains and the Ethereum ecosystem, providing customization and options for developers building with the Polygon CDK (Chain Development Kit).

NEAR Foundation Joins Polygon As Core Contributor

According to Polygon Labs’ announcement, introducing a zkWasm prover will enable developers utilizing Polygon CDK to choose from various provers when building their projects.

This can be leveraged in various scenarios, including launching or migrating an Ethereum Virtual Machine (EVM) chain or constructing a Wasm chain for closer alignment with Ethereum and access to liquidity. 

The zkWasm prover will serve as a new runtime, generating zero-knowledge proofs that validate the correctness of native Wasm runtime execution. This advancement is expected to enhance scalability and decentralization, bringing the NEAR protocol closer to Ethereum.

As part of this partnership, the NEAR Foundation is set to become a core contributor to Polygon CDK, expanding the toolkit’s capabilities for developers.

Sandeep Nailwal, the co-founder of Polygon, expressed pride in collaborating with NEAR on this research and emphasized the value of the zkWasm prover in providing developers with increased customization options. 

To provide further context, WebAssembly is a widely used framework for running complex programs in web browsers, offering performance comparable to native computer applications. In the context of Web3, the Wasm Virtual Machine serves as a runtime for blockchains like NEAR and Polkadot, differing from the Ethereum Virtual Machine.

Scalability And Decentralization Boost?

Per the announcement, in the future, an in-development interop layer will allow chains to join a unified ecosystem of Layer 2 solutions deployed through Polygon CDK. 

This ecosystem will encompass alternative layer-1 chains, EVM layer-2 solutions, and Wasm chains, providing interoperability and defragmentation of liquidity across different chains.

Illia Polosukhin, co-founder of NEAR Protocol, expressed optimism about the collaboration, emphasizing that it will bring the benefits of zero-knowledge proofs not only to NEAR but to the entire Web3 ecosystem. Polosukhin stated:

We are very excited to work with Polygon Labs to bring all the benefits of zero-knowledge proofs not just to NEAR but all of Web3. NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of these two teams will bring a much-needed expansion of the ZK landscape and defragmentation of liquidity across chains. And by creating and using the zkWasm prover, NEAR will also improve the scalability and decentralization of the NEAR L1.

Overall, the collaboration between Polygon Labs and the NEAR Foundation holds significant implications for both protocols. Integrating the zkWasm prover will enhance the capabilities of Polygon CDK, providing developers with more options in building “custom blockchains.” 

Additionally, it will bring NEAR Protocol closer to Ethereum, expanding its interoperability and liquidity opportunities. 

Polygon

As of the latest update, MATIC, the native token of Polygon, is on the verge of reaching the $0.800 level, a milestone that has not been attained since July. The token currently trades at $0.7903, showcasing a noteworthy upward trajectory. 

This positive movement is further bolstered by an impressive 11% uptrend recorded over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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NEAR Token Lights Up: 22% Price Surge In Seven Days, Network Activity Skyrockets By 350%

NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable growth in the third quarter of 2023, defying the challenging conditions of the overall cryptocurrency market. 

According to a recent report by Messari, key metrics for NEAR Protocol surged significantly over the past month, buoyed by recent price increases across the crypto market.

Surge In Transactions Drives Revenue Growth For NEAR

Per the report, despite a moderate downturn in the crypto market, with XRP and Grayscale facing court rulings in their favor, NEAR Protocol showcased resilience. The total crypto market capitalization dipped by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) experiencing declines of 7.5% and 10.0% respectively. 

Within this context, NEAR’s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion. 

NEAR

Nevertheless, NEAR Protocol maintained its position as the 40th largest crypto protocol by market capitalization by the end of the quarter.

One of the highlights in Q3 ’23 for the protocol was the revenue growth, which increased by 9% QoQ from $98,000 to $108,000. The average transaction fee remained at a low $0.001 throughout the quarter.

Regarding network activity, NEAR recorded substantial growth in addresses during Q3 ’23. Active addresses increased by 350% QoQ, reaching 260,000 daily active addresses, while new addresses saw a 274% QoQ increase, totaling 51,000 daily new addresses. 

This growth was primarily fueled by the launch of KAIKAINOW, NEAR’s leading application, and supported by contributions from the Web3 health and fitness app, Sweat Economy, and Aurora, a solution that allows the execution of Ethereum contracts in a “more performant environment” in the NEAR ecosystem.

TVL Drops To $52 Million In Q3 2023

According to Messari, NEAR’s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. NEAR ranked approximately 35th among blockchains in terms of TVL. 

NEAR

Within the NEAR Network’s TVL, NEAR’s contribution accounted for $41 million (80%), while Aurora contributed $11 million (20%).

Regarding DEX trading volume, NEAR reported an average daily volume of $1.3 million, maintaining stability compared to the previous quarter. NEAR ranked approximately 30th among DEX trading volumes.

NEAR’s stablecoin market capitalization experienced a 27% QoQ decline, primarily driven by reductions in USDC and USDT. However, the native USDC was launched on NEAR during this period, while USN, the winding-down stablecoin from Decentral Bank, remained unchanged.

NEAR Token’s Bullish Momentum Continues

Regarding price action, as observed in the 1-day chart below, NEAR Protocol’s token, NEAR, has broken a prolonged downtrend that commenced on July 20 and concluded on August 18, leading to a phase of accumulation.

NEAR

However, on October 19, the token initiated an uptrend, resulting in significant gains of 12% over the last 30 days, 22% within the fourteen-day timeframe, and 22.3% in the past week. Presently, the token continues its rally, exhibiting a 2.6% surge in the past 24 hours, bringing the current trading price to $1.23.

When considering the year-over-year period, the token remains significantly below its high in 2022, experiencing a decline of 60% over this duration. Furthermore, for NEAR to reclaim its 2023 yearly high, which stood at $2.83 and was achieved in April, the bullish momentum must persist.

It remains to be seen whether the token can sustain its current bullish momentum and establish a new yearly high, capitalizing on the rallies witnessed by the largest cryptocurrencies in the market in the upcoming months to generate further profits.

Featured image from Shutterstock, chart from TradingView.com 

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Near Protocol (NEAR) Surges Over 22% In One Week, Will It Surpass $2?

NEAR is soaring on the price chart, with a 3.10% increase in the last 24 hours. Even with the bearish nature of the crypto market in 2022, the NEAR protocol started the year strong. The adverse events of 2022 pushed cryptocurrencies under the scrutiny of regulators. However, the market is slowly picking up pace this 2023.

According to a Coin Guru tweet, NEAR is moving upwards, gaining 4.92% in 1 hour. NEAR is a cryptocurrency project designed to be community-based. It is a cloud-computing platform that enables faster transactions and interaction among blockchains.

What Is Behind The Price Surge?

Several factors might be responsible for this increase in the price of NEAR tokens. Web3 innovations top the list of these factors. Web3 has taken over the crypto space with various applications such as gaming, NFTs, fast transactions, etc., and NEAR is at its frontlines. 

NEAR is home to almost 1,000 projects. SweatEconomy is one of its renowned apps with a customer base of over 14 million individuals. The NEAR Protocol development team also hinted that its sharding mechanism, Nightshade, would launch in 2023.

Also, NEAR Protocol gives users an enabling environment to transact seamlessly. Statistics reveal that 22.6 million #NEAR wallets have been created since late 2020. The protocol also supports the staking of NEAR tokens. With its innovative thinking and support of widely adopted decentralized applications (DApps), the attention on NEAR is soaring. 

However, Alex, a Twitter user, was pessimistic about NEAR and its projects. In an opinion poll, he stated his intention to expose a potential rug-pull event on the network if followers supported the action. 95.7% have voted yes in support of the exposure. But Alex is yet to go into details of this particular project. Some users believe he intends to create FUD in the market.

NEARUSD
What Next For NEAR Protocol Token?

NEAR is performing well in the market today, trading at $1.81. The support levels are $1.378, $1.468, and $1.647, while the resistance levels are $1.917, $2.01, and $2.19. The token will test the first resistance level and will likely surpass it based on current performance.

NEAR is currently trading above its 50-day Simple Moving Average (SMA); so more positive price movement is expected in the short term. It is still below its 200-day SMA, indicating a possible reversal in the long term for the crypto asset. The price chart shows that the token broke out of a sideways trend and will likely continue its ascent.

The Relative Strength Index (RSI) is currently in the overbought region at 70.51. This is a buy signal, as the move will likely continue. The Moving Average Convergence/ Divergence (MACD) is above its signal line but still looks tentative. It further proves that the rally will only sustain for the short term. Near will likely reach the first resistance level of $1.905, yielding a profit for long-position traders.

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Near Protocol Loses $3 As Holders Sweat Over Price, Is There One Last Trick?

  • NEAR’s price struggles to hold above key resistance as price trends in a falling wedge price could break the downtrend. 
  • NEAR continues to struggle as price clings to resistance in a bid to reclaim the region.
  • The price of NEAR continues a downtrend price movement in a descending wedge as the price could pull out a surprise below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. 

For some weeks now, the price of Near Protocol (NEAR) has looked as if the price has lost its steam to rally against tether (USDT) as the price has remained in a range-bound movement with little or no volume to rally. Despite the uncertainty that has befallen the crypto market in recent weeks, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of NEAR has shown little or no volatility in its price movement as many fear if NEAR can reclaim key support at $3. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart.

The bear market hasn’t been good and favorable for most projects, as this has been a tough time as most projects have seen a price decline of over 50% and have discouraged most traders and investors from hodling these assets.  

Despite huge backing from great partnerships and a huge community that has continued to build and grow, the price of NEAR has not reflected all of this great development.

The early part of the year saw some great price action from the NEAR Protocol as the price rallied from a low of $3 to a high of $19, but the price failed to rally high as many expected a new all-time high for the NEAR price.

After the rally by NEAR price to a high of $19, the price faced resistance to rally higher as the price continued to decline from its range high to a weekly low of $2.9. 

The price of NEAR bounced off this region of $2.9 to a high of $6 in a bid to breakout from this downtrend, but the price failed and has maintained a downtrend for some time.

Weekly resistance for the price of NEAR – $3.7.

Weekly support for the price of NEAR – $2.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

In the daily timeframe, the price of NEAR continued to struggle as the price trends in a descending wedge in a range-bound movement. 

Although the price of NEAR has lost its key support at $3, this region has been a key point for the NEAR price to bounce off in an attempt to rally. Haven lost this region, and the price of NEAR continues to trade in a descending wedge with a possible breakout. 

If the price of NEAR breaks out of the wedge, we could see price reclaim key support, but if the price fails, we could have the price retest the $2.

Daily resistance for the NEAR price – $3.7.

Daily support for the NEAR price – $2.5-$2.

Featured Image From themarketperiodical, Charts From Tradingview

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Near Protocol Collapses Despite Rounded Bottom, Is $6 Possible?

  • NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times. 
  • NEAR price trades in a range as the price looks set for a retest of key support areas.
  • The price of NEAR fails to break above resistance despite forming rounded bottom on the daily timeframe. 

Near Protocol (NEAR) has struggled with the less bullish scenarios as many traders and investors are beginning to get fed up with the price action as the price fails to have a relief bounce against tether (USDT). Near Protocol has shown little or no glimpse of relief bounce as the price aims for a retest of its support region at $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart
Weekly NEAR Price Chart | Source: NEARUSDT On Tradingview.com

Most crypto projects have found relief in the new month, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downtrend movement.

The price of NEAR is not looking promising as it continues to move in its downtrend range despite attempting to break $6 and trend above this resistance.

Following a rejection from $6, the price retested its $3.5 support area. Since then, the price has struggled to recover and trend above this support level, with many traders and investors concerned about their NEAR positions.

The weekly price for NEAR closed bearish ahead of a new week, with the price opening with a range price movement, creating mixed feelings as regards the recovery of NEAR. For NEAR price to resume its bullish trend, the price needs to break and close above $6.

Weekly resistance for the price of NEAR – $6.

Weekly support for the price of NEAR – $3.5.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding support at $850 billion ($850B); this has aided most altcoins, but not NEAR, which remains in a range-bound price movement with little price movement.

The current price of NEAR is $3.68, as the price remains below the 8 and 20-day Exponential Moving Averages (EMA), unable to break above this region. The price of $3.75 corresponds to the 8 and 20-day EMA values acting as support.

A break above this resistance region could signal a little relief for the NEAR price that has maintained a downtrend for a long.

Daily resistance for the price of NEAR – $6.

Daily support for the price of NEAR – $3.6.

Featured Image From zipmex, Charts From Tradingview

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NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume

NEAR Protocol is looking bullish as it darts past the $4.7 support zone.

  • NEAR’s bullish momentum appears to wane
  • Price exhibits low trading volume
  • NEAR price trading at $4.51

However, judging by the price movement, it looks like the bull’s luck may be running out.

On the other hand, NEAR’s trading volume appears to be diminished or low even if the altcoin has amassed roughly 35% gains in that same period. So, does this mean a faltering demand for NEAR?

From a long-term perspective, NEAR’s resistance and support levels could be anywhere near the $3.7, $4.5, and $6.8 levels; respectively.

Originally, the $6.8 zone acted as a support zone in May however the selling pressure has been too overwhelming to control. This level was again retested late in May, but with no luck.

$6 Level Posing Hurdles To NEAR Price

In the coming weeks, it’s more likely that the $6 level would hoist some hurdle to the price. More so, the $4.7 area is another critical support level as this zone has been pivotal on the daily chart since June and July.

While breaching this zone was phenomenal for NEAR protocol, August was rather unkind with a reversal and a seismic price crash.

NEAR’s RSI has been pushed above the neutral 50 zones following a rejection experienced last month. Despite the bullish movement, buying pressure has weakened. More so, the OBV also remained sluggish with unfortunately no new highs formed.

Now, if the OBV can successfully breach and surpass its high registered in August, then this would validate the strong demand for NEAR Protocol. Additionally, the Chaikin Money Flow or CMF has also barreled past +0.05 revealing NEAR’s huge capital flow.

More Buying Activity Needed

Overall, technical indicators show some bullish movements and intense buying activity but may not be enough to validate a move that overshadows the $6.8 zone.

According to CoinMarketCap, the NEAR price has slumped by 9.05% or trading at $4.51 as of this writing. The current stats have been optimistic and are quite the opposite of NEAR’s remarkable performance over the past few days where the altcoin has registered an uptick of 9.5%.

Trading volume is seen to have increased by as much as 36% compared to its slow movement last week.

NEAR total market cap at $3.36 billion on the daily chart | Source: TradingView.com

Featured image from The Market Periodical, Chart: TradingView.com

 

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TA- Near Protocol Struggles With Resistance, Can Bulls Push Price To $6?

The price of Near Protocol (NEAR) showed bullish signs of going higher to a region of $6-$7, but the price was rejected back to its support area, where it has found high demand for its price. Bitcoin (BTC) and Ethereum (ETH) all saw a relief bounce from their monthly low, leading to altcoins like Near Protocol (NEAR) having a measure of relief bounce. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart 

The price of NEAR showed some great bullish strength after breaking above its weekly resistance of $4.7 and traded to a high of $5.9 before seeing a rejection back to its key support area. 

NEAR’s price has again shown bullish strength after closing the week, looking bearish on the weekly chart.

The price of NEAR is currently trading below a key resistance on the weekly timeframe; NEAR needs to break this resistance with good volume to have a chance of trending higher to a region of $6 and possibly $7.

Weekly resistance for the price of NEAR – $4.7,$6.

Weekly support for the price of NEAR – $3.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

The price of NEAR found its daily low at $3.7, forming good support as the price bounced off the area. NEAR price has rallied to a region of $4.7, where it has been faced with resistance to breaking above for the price of NEAR to trend to higher heights.

Despite being rejected in recent times from the $6 mark, NEAR price has shown great bullish strength; the price of NEAR is trading at $4.3 below the daily 50-day and 200-day Exponential Moving Average (EMA).

The 50 and 200 EMA correspond to prices of $4.5 and $6.7, respectively, acting as resistances for the price of NEAR to trend higher. If the NEAR price breaks and holds above the $4.7 corresponding to the 50 EMA, we could see the price trending higher to a region of $7.

If NEAR price fails to break above its resistances, then prices would find more momentum at its support of $3.7 or even lower.

Daily (1D) resistance for the NEAR price – $4.7, $6.7.

Daily (1D) support for the NEAR price – $3.7, $3.

Price Analysis Of NEAR On The Four-Hourly (4H) Chart
Four-Hourly NEAR Price Chart | Source: NEARUSDT On Tradingview.com

The price of NEAR on the 4H chart has continued to look bullish, trying to hold above the support area at $4.2. NEAR price currently trades above the 50 EMA on the 4H chart, with more buyers willing to push the price higher.

After forming a bullish divergence on the 4H chart as the price was oversold, the NEAR price rallied to $4.4 after breaking above the 50 EMA and holding above it; the 50 EMA price corresponds to the support at $4.2.

The price of NEAR is faced with resistance on the 4H chart, preventing the price from breaking higher.

The Relative Strength Index (RSI) for NEAR on the 4H chart is above 70, indicating more buy order volume for the NEAR price.

Four-Hourly (4H) resistance for the NEAR price – $4.5.

Four-Hourly (4H) support for the NEAR price – $4.2, $4.

Featured Image From zipmex, Charts From TradingView.com