After a series of declines, Near Protocol (NEAR) bulls have seized control, driving the token’s charts back into the green. AMBCrypto delved into NEAR’s recent metrics and technical indicators to forecast its price trajectory amid this market shift.
NEAR’s Bullish Rebound
Last week marked a significant turnaround for NEAR as it surged by over 2%, with an impressive 3% rise in the last 24 hours. As of now, NEAR is trading at $4.02 with a market capitalization exceeding $4.5 billion. This uptick has also had a positive effect on NEAR’s social metrics, pushing its Weighted Sentiment into the positive zone. This indicates a dominant bullish sentiment in the market, while the token’s Social Volume remained stable, reflecting consistent popularity.
DeFiLlama Data Insights
Despite the recent price gains, not all indicators are positive. DeFiLlama’s data reveals a decline in NEAR Protocol’s captured value, with both fees and revenue decreasing over recent months. This decline could pose a challenge to sustaining the bullish momentum.
Technical Indicators and Predictions
AMBCrypto’s analysis of NEAR’s on-chain data presents a mixed outlook. The increase in NEAR’s Trading Volume and Open Interest suggests a continuation of the current bullish trend. Rising Open Interest typically signals that the ongoing price trend might persist, which is favorable in this scenario. However, the Long/Short Ratio’s decline points to a higher number of short positions, hinting at growing bearish sentiment.
On the technical front, NEAR’s indicators are leaning bullish. The MACD has displayed a bullish crossover, and the Money Flow Index (MFI) is showing an uptick, suggesting a potential continued price rise.
Given the current trends, NEAR’s price prediction remains optimistic. Investors should monitor the $7.80 resistance level closely. A breakout above this threshold could pave the way for NEAR to recover fully, potentially reaching $15 in the coming months. Conversely, if the bearish sentiment prevails and the bulls falter, a drop to $1 could be on the horizon.
In summary, while NEAR Protocol shows promising signs of recovery and bullish potential, investors should remain vigilant of both technical indicators and market sentiment to navigate the token’s next moves effectively.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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