After an 11% Run, Will NEAR Protocol Break Its Next Key Barrier?

• NEAR Protocol rallied over 11%, trading at $3 mark.
• NEAR’s daily trading volume has exploded by 138%.

With the brief pullback, the crypto market cap has slipped to $4.09 trillion. It might nullify the recent gains, resulting in most assets being charted in red. Notably, the largest assets like Bitcoin and Ethereum are trading on the downside. Can the bulls make a comeback, hold strong and take the prices to their former highs? 

Among the altcoins, NEAR Protocol (NEAR) has posted a rally of over 11.78%. In the early hours, it traded at the bottom range of $2.87. Later, as the bulls entered the NEAR market, the price climbed to a high of $3.27. Meanwhile, the asset has tested and broken the key resistance between $2.91 and $3.23 zones. 

At press time, NEAR Protocol traded within the $3.22 level, with its market cap settling at $4.02 billion. In addition, the daily trading volume had exploded by over 138%, reaching $665.41 million. According to the Coinglass data, the market has witnessed a 24-hour liquidation of $2.23 million worth of NEAR.  

Will NEAR Protocol’s Momentum Continue?

NEAR Protocol’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating bullish momentum in the market. Also, it has the potential to move further upside. Besides, the Chaikin Money Flow (CMF) indicator of NEAR at 0.19 is positive, which suggests that buying pressure is outweighing selling pressure. The money is flowing into the asset, hinting at accumulation.

The uptrend of the asset on the price chart has formed green candles. The active bulls might push the price up to the resistance at around $3.28. An extended bullish correction could trigger the golden cross to take place, and the NEAR Protocol price will potentially head to the $3.34 range.  

Assuming a bearish reversal, the price chart would turn red, showing a negative outlook. The NEAR Protocol price could slip immediately to the $3.16 support level. If the downside correction strengthens, the bears might initiate the death cross emergence, sending the price below $3.10. 

Furthermore, the daily Relative Strength Index (RSI) value of NEAR found at 78.07 is above the usual overbought threshold of 70. It signals that it is experiencing strong bullish sentiment, but a pullback or consolidation could follow. NEAR Protocol’s Bull Bear Power (BBP) reading of 0.357 implies that the bulls are currently having the upper hand. As the value is not very high, the momentum could shift. 

Highlighted Crypto News

BNB Price Briefly Trades Over $1k; Changpeng Zhao Lists Out Possible Reasons