Can NEAR Protocol Price Resume Its Rally Beyond $5 Level?
Can NEAR Protocol Price Resume Its Rally Beyond $5 Level?
Meta Description: Near Protocol price made a strong comeback and in the recent sessions rose nearly 24% a week
Near Protocol price a strong comeback rising nearly 24% a week.
The weighted sentiment curve surpassed the zero line and shifted to bullish territory.
Near Protocol price made a strong comeback and in the recent sessions rose nearly 24% a week. At the time of writing, the NEAR was exchanging hands close to $4.97, recording a swift intraday loss of 1.8%.
The recent sessions saw a strong momentum in tandem with the broader market recovery. The price kicked off from the levels of $3.5 level and reached a psychological $5 level. The long term trend outlook indicates a bearish control which adds the risk of selloff at the higher level.
The recent price surge has driven NEAR price closer to the $5 level. However, the $5 level may act as a strong psychological level for the bulls to surpass. Also, the price has reached the 200 day EMA which may offer resistance to the crypto. Let's' analyze and try to figure out whether the NEAR may keep rising beyond the $5 level or turnaround after suffering rejection.
Weighted Sentiments Curve Indicates Growth Potential
Moreover, in tandem with the price rise, the analysts noted a significant development in the sentiment curve. The positive sentiment seemed to be dominating in the recent sessions indicating regained confidence of the investors.
The rise in the positive sentiment curve helped the weighted total sentiment surpass the zero line and claim the bullish territory. Additionally, the community sentiment indicator on coinmarketcap.com indicates the bullish domination of nearly 74% where bears at 26%.
The sentiment curve indicates the combined biasness of the traders and investors whether it is on the bullish side or bearish side at the moment. The current sentiment indicates that it is bullish at the moment.
It has a live market capitalization of $5.52 Billion and ranks 17th in the crypto verse. The volume to market cap ratio at 4.6% suggests low volatility in the crypto.
Can Near Protocol Continue To Edge Higher?
The daily chart highlights the formation of a declining parallel channel pattern with the price taking a rebound from the lower boundary in the recent sessions. The long term trend seemed to be in a correction phase since Mid May maintained in the range.
The short term trend outlook is bullish at the moment and may continue to prevail if it breaks above the recent hurdle of $5 level and 200 day EMA. On a successful breakout, Near protocol may look to retest the next supply of $6.44 level.
However, if the bears make a comeback from the lower levels and the price slumps below the $4.7 level, then it may validate the domination of bears and the price may again look to retrace the support of $3.4 level.
The technical indicators EMA and RSI indicate a trend continuation in the short term on a combined analysis.
NEAR Protocol price surged nearly 24% in a week, reaching close to $4.97. Despite a 1.8% intraday loss, the price rise aligns with broader market recovery. Currently, the $5 level poses a psychological barrier for bulls. Moreover, the positive sentiment has increased, with 74% bullishness on CoinMarketCap.
Furthermore, the daily chart shows a bullish short-term trend, but long-term correction persists. A breakout above $5 and the 200-day EMA could target $6.44, while a drop below $4.7 may lead to $3.4 support.
Meta Description: Near Protocol price made a strong comeback and in the recent sessions rose nearly 24% a week
Near Protocol price a strong comeback rising nearly 24% a week.
The weighted sentiment curve surpassed the zero line and shifted to bullish territory.
Near Protocol price made a strong comeback and in the recent sessions rose nearly 24% a week. At the time of writing, the NEAR was exchanging hands close to $4.97, recording a swift intraday loss of 1.8%.
The recent sessions saw a strong momentum in tandem with the broader market recovery. The price kicked off from the levels of $3.5 level and reached a psychological $5 level. The long term trend outlook indicates a bearish control which adds the risk of selloff at the higher level.
The recent price surge has driven NEAR price closer to the $5 level. However, the $5 level may act as a strong psychological level for the bulls to surpass. Also, the price has reached the 200 day EMA which may offer resistance to the crypto. Let's' analyze and try to figure out whether the NEAR may keep rising beyond the $5 level or turnaround after suffering rejection.
Weighted Sentiments Curve Indicates Growth Potential
Moreover, in tandem with the price rise, the analysts noted a significant development in the sentiment curve. The positive sentiment seemed to be dominating in the recent sessions indicating regained confidence of the investors.
The rise in the positive sentiment curve helped the weighted total sentiment surpass the zero line and claim the bullish territory. Additionally, the community sentiment indicator on coinmarketcap.com indicates the bullish domination of nearly 74% where bears at 26%.
The sentiment curve indicates the combined biasness of the traders and investors whether it is on the bullish side or bearish side at the moment. The current sentiment indicates that it is bullish at the moment.
It has a live market capitalization of $5.52 Billion and ranks 17th in the crypto verse. The volume to market cap ratio at 4.6% suggests low volatility in the crypto.
Can Near Protocol Continue To Edge Higher?
The daily chart highlights the formation of a declining parallel channel pattern with the price taking a rebound from the lower boundary in the recent sessions. The long term trend seemed to be in a correction phase since Mid May maintained in the range.
The short term trend outlook is bullish at the moment and may continue to prevail if it breaks above the recent hurdle of $5 level and 200 day EMA. On a successful breakout, Near protocol may look to retest the next supply of $6.44 level.
However, if the bears make a comeback from the lower levels and the price slumps below the $4.7 level, then it may validate the domination of bears and the price may again look to retrace the support of $3.4 level.
The technical indicators EMA and RSI indicate a trend continuation in the short term on a combined analysis.
NEAR Protocol price surged nearly 24% in a week, reaching close to $4.97. Despite a 1.8% intraday loss, the price rise aligns with broader market recovery. Currently, the $5 level poses a psychological barrier for bulls. Moreover, the positive sentiment has increased, with 74% bullishness on CoinMarketCap.
Furthermore, the daily chart shows a bullish short-term trend, but long-term correction persists. A breakout above $5 and the 200-day EMA could target $6.44, while a drop below $4.7 may lead to $3.4 support.
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