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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 Struggles As Bulls Aim To Flip $1.45 Resistance Into Support

NEAR, the native crypto of Near Protocol, seems to continue mirroring the trajectory of Bitcoin, one of the main driving forces of the cryptocurrency industry.

The largest crypto asset boasting a total market capitalization of $320.76 billion has so far failed to establish a strong upward momentum that will enable it to exit 2022 with a higher value.

In fact, BTC, which is trading at $16,658, is in danger of ending the year with a meager gain of less than 2%. At the time of writing, the maiden crypto has only managed to go up by 1.2% during the last 30 days and is looking at a weekly decline of 1.5%.

As Bitcoin continues with its struggles, lesser known altcoins such as NEAR will also have a hard time to trigger an upward movement of their prices.

Yearend Bang Denied As NEAR Drops 20%

Much like many of its fellow digital coins, NEAR is now trapped in a position where it will be difficult to end the month of December on a high note.

NEAR Protocol has the strongest positive correlations with Bitcoin, Cardano, and XRP. This suggests that these coins frequently trend in the same direction at the same time.

According to latest data from Coingecko, at press time, NEAR is changing hands at $1.32 and has already lost 20% of its value in the last 14 days.

As for its month-to-date (MTD) performance, the coin is currently one of the worst performers among the top 40 crypto assets, going down by 16.2% over the previous 30 days.

Adding to the woes of the cryptocurrency is the findings of Investors Observer, which gave the altcoin a moderate volatility rank of 39, putting NEAR in the bottom 39% of all cryptocurrencies in the market.

Bulls are also put in a tough spot as they now bear the responsibility of flipping the resistance region of $1.45 into support zone to trigger some sort of a bullish movement.

Near Protocol Project Affected By FUD

It turns out, the crypto is not the only thing affected by the high levels of fear, uncertainty and doubt (FUD) that’s been plaguing the crypto market recently.

Octopus Network, a project dedicated for launching and running of appchains (application-specific blockchains) built on the Near Protocol blockchain, has been forced to reduce its workforce by 40%.

Citing the current challenging and bleak landscape of the market, the project has decided to remove 12 out of its 30 core team members in order to continue conducting its business.

Moreover, Octopus’s remaining labor force has agreed to take a 20% salary cut and will also lose their token incentive privileges.

Meanwhile, with only three technical analysis indicators showing positive signs and 24 showing bearish indications, the general mood regarding the NEAR Protocol price projection is pessimistic, according to data from December 28.

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NEAR Faces Resistance In Attempt To Breach $2 Level As Bears Block Its Way

Altcoins like NEAR have experienced a similar slump in value as the major cryptocurrencies during the previous several days.

Cryptocurrency price index Coingecko reports that NEAR’s price is currently bearish, reflecting the general market sentiment. At the time of writing, the token was trading at $1.8515, below the key psychological $2 zone.

Major investors’ loss of faith in cryptocurrencies following the FTX debacle has contributed to the current gloomy sentiment on the cryptocurrency market.

Because of this, other markets where traders with FTX positions also suffered catastrophic losses.

Recent research indicates NEAR has a neutral outlook, suggesting the token’s futures interest is bullish. However, the token’s bearish break below $2 may be indicative of more market weakness.

Negative Mood For NEAR

Although past performance is not a guarantee of future results, it does influence traders’ and investors’ perceptions of an asset’s value. NEAR is experiencing exactly this, as the market structure is extremely negative at the moment.

The coin’s RSI readings are also not encouraging. After a moment of hesitation, it reversed its neutral stance. Since October 31st, the Chaikin money flow indicator has likewise been consistently showing a downward trend, falling below the neutral band.

It has been made much worse by recent occurrences in the cryptospace.

As of this writing, the indicator is -0.23, suggesting that bears are now in charge of the market. Bollinger bands indicate a huge increase in volatility that could result in a bullish near future, despite the current bearishness.

This marginally positive near-term outlook is further backed by the 20-day triple EMA, which has recently flipped from resistance to support.

Short-Term Advantage Likely

Nonetheless, the 50-day triple EMA continues to function as price barrier. This discrepancy in timelines can be seen as a short-term advantage for NEAR. A $2 bearish breach is seen to increase market’s suffering.

The previously mentioned analysis may prove accurate. On the NEAR futures market, short-term investors and traders can utilize the positive OI (Open Interest).

However, long-term traders will face a difficult choice: sell now and realize their losses, or hold and hope for a possible bull run.

The first scenario is more probable than the second. As the currency loses its $2 psychological support, the confidence of investors and traders will decrease. This is already evident in NEAR’s RSI data.

If conditions continue to deteriorate daily, NEAR might fall to $1.5575. A level that has not been witnessed in almost a year.

NEAR total market cap at $1.5 billion on the daily chart | Featured image from Telegaon, Chart: TradingView.com

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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 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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NEAR Bulls Charge For 20% Profits As Crypto Trades In Green In Last 24 Hours

While the NEAR market has been experiencing bearish activity, bulls have recently stepped up their pace with a rally.

NEAR’s price movement has turned positive after recent bear market activity. Coingecko data shows that NEAR experienced a series of price increases and decreases before the bulls charged back on September 8.

The bulls have set their sights on profits of 20% as the crypto enjoys trading in green territory in the last 24 hours.

Within the past two days, there have been three noteworthy price movements. There was a big jump on September 7, then a drop later that day. The price continued its ascent and hit a new high on September 8.

Several indicators seem to favor the bulls, according to a recent study.

NEAR Shows Aggressive Upward Pace

The Near Protocol weekly chart displayed a “Bullish Bat Harmonic” pattern, indicating an upward trend. The second top in such bullish pattern, on the other hand, is lower than the first.

Analysts have interpreted this pattern as evidence that the current trend will continue.

The $4.30 range has provided support for the upwards progression, while $4.60 has offered resistance. But as with any funding, there is always a risk of a downstroke.

Some market observers caution that a bear breakout at $4.30 would be detrimental for the uptrend. This purely theoretical bear growth spurt has the potential to drive the price to $3.80. However, patterns indicate otherwise.

In addition, the price formed yet another reversal sequence. The price exhibited an inverted “Head and Shoulders” formation.

Bullish Reversal Seen To Regain Investor Confidence

If the price is successful in breaking above its neckline ($4.56) and another resistance of the 50-day exponential moving average, a bullish trend is likely. Then, we can anticipate the price to retest its previous swing high and possibly break above it.

After such a period of bearish momentum, this recent bullish reversal can help restore investor confidence. The RSI of NEAR is also in the optimal range. The token is neither being overbought nor oversold if the RSI indicator is consistently in the middle section.

This recent bullish retreat after an extended bearish period is excellent news for NEAR traders. There may be a possible relief rally for the token after fears of a continual decline.

With this upward trend, this may be the only glimmer of hope in the dreaded crypto winter.

NEAR total market cap at $3.5 billion on the daily chart | Source: TradingView.com
Featured image from BingX Blog, chart from TradingView.com

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NEAR Price Could Drop To $3 If This Bearish Pattern Continues

Since its launch in October 2020, the NEAR token has endured adversity. With the current market at one of its lowest point in history, NEAR could become a bit flaky.

A number of analysts forecast an entirely bearish future for the token. The coin has oscillated near the $3.75 support line and even attempted to escape the bearish market.

The coin attempted to break out of its more recent low of $4.16 with a rally to $4.51, according to data from Coingecko. This upswing is one of the most recent bullish attempts to overcome the $4.44 resistance.

NEAR Price Hounded By Massive Sell-Off

A $4.4 long-rejection candle supports the completion of the previously described bearish pattern. With continued selling, the NEAR price will fall 7% to breach the $3.75 support level.

The price of NEAR token has decreased by almost 90 percent from its recent high of $4.51 to its current price of $4.02.

Also, the coin experienced a massive liquidation between $4.18 and $4.02. This can be interpreted as Wednesday’s sudden surge in trading volume.

Even though the market has been extremely bearish recently, the coin’s future may still be favorable.

Contrarily, if the NEAR price recovers from the $3.75 level, that could indicate buyers are active at this price and the market is setting up for another attempt to break through the $4.75 resistance.

Crypto Can Still Break Impasse

In light of the fact that the coin’s value has recently increased, this interpretation may be correct.

The market’s reaction seemed counterintuitive to the developing situation. The coin is still oscillating in the $4.11 spectrum, far above the support line at $3.75.

The current sell pressure in the market may be partially counteracted by the recent surge in trading volume and subsequent price stability. Recent trader behavior suggests that NEAR’s full potential is still within reach.

Meanwhile, bearish market sentiment will give NEAR’s investors and traders another chance to try and break the impasse at some point in the future.

NEAR total market cap at $3.09 billion on the daily chart | Source: TradingView.com
Featured image from Telegaon, chart from TradingView.com