Near Protocol Gains Strength: Is A Bullish Reversal On The HorizNear Protocol Gains Strength: Is A Bullish Reversal On The Horizon?
NEAR reclaimed the top spot in the number of users among blockchains, boasting around 16.3M addresses in the last month.
NEAR Protocol price surged nearly 15% in the recent sessions and reclaimed back the bullish territory above the 20 day EMA.
NEAR protocol price gained traction and reclaimed back bullish territory above the 200 day Exponential moving average. The bulls awoke after the price crashed near the annual low and initiated a recovery.
The broader market seemed to be still under pressure as Bitcoin and Ethereum were down nearly 1% in intraday today. The selling pressure in market leaders has also dragged the NEAR Protocol price lower by nearly 3% in intraday today.
Moreover, the NEAR Protocol has reported an impressive rise in the number of users which might have factored the price recovery. Let's analyze combining all the available resources to reach a conclusion about where NEAR price could lead in the upcoming sessions.
NEAR Protocol Reclaims Top Spot In The Number Of Active Users!
A recent tweet by Planeta which reveals the number of users among the different blockchains. The tweet mentioned that the NEAR protocol reclaimed the top spot in the number of active addresses in thee last month.
As per the tweet, the NEAR Protocol boasts at 16.3 Million addresses, beating other popular chains like Solana which had 14.6 Million active addresses and Polygon having 9.7 Million Active Addresses. Arbitrum claimed the fourth spot with 9.57 Million active addresses whereas Ethereum remained at 5th with 6.99 Million active addresses in the last month.
Active addresses are a key metric, reflecting the count of users engaging in transactions within a timeframe. A greater number of active addresses suggests enhanced liquidity and attractiveness to investors, indicating a vibrant and engaged network.
What's next For NEAR Protocol: Can It Recover Or Slump Again?
Now, that some positive news is driving the NEAR Protocol price higher, on the other hand the weakness in the broader market is dragging the price down again lower in intraday. Currently, the price hovers at a critical zone that lacks a clear direction.
Now, if the bulls dominate and defend the price above the previous day's low, then the price may show a bullish continuation. On the flip side, if the sellers dominate and drag the price below the 50% of the recent recovery, it may indicate a bearish continuation.
At the time of writing, the RSI line and the 14 day SMA showcases a bullish crossover indicating the possibility of a bullish scenario ahead. However the RSI and 14 day SMA line needs to surpass the mean line to turn bullish in the short term.
Conclusion.
NEAR Protocol price has recently surged, moving above the 200-day EMA, signaling a bullish trend after a dip to yearly lows. Despite a general market downturn, NEAR's active user base has grown to 16.3 million, the highest among other blockchains, which has contributed to its price recovery.
Currently, The price hovers at a pivotal point. Now, if the price is maintained above the previous day low value, a bullish trend may continue. Conversely, a drop below 50% of the recovery suggests a bearish trend. The RSI and 14-day SMA indicate a potential bullish outlook, but they must cross the mean line for confirmation.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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