- The NEAR crypto price has surged by 52.8% in just the last seven days.
- Near Protocol derivatives have witnessed higher short liquidation in the last 24 hours.
NEAR is a decentralized platform that offers community-operated cloud infrastructure and a serverless computing platform. It allows developers and entrepreneurs to create censorship-resistant applications that handle high-value data. The NEAR token is used for network usage, governance, and staking.
The Near Protocol token has a circulating supply of 1.004 billion and the total supply of the crypto is 1.0 billion while the max supply is not defined. Also, the fully diluted market cap of the crypto is $3.356 billion.
In the last 24 hours, the market cap of the NEAR token has declined by 1.05% resulting in $3.371B. That makes the Near Protocol to be the 25th largest crypto in the global cryptocurrency market as per CoinMarketCap.
The spot trading volume of the crypto has declined by 4.9% in the last 24 hours. Also, the market cap dominance of the crypto is 0.196% followed by a volume/market cap ratio of 0.2313.
Near Protocol Derivatives Analysis
As per Coinglass, the long/short ratio of the NEAR crypto recorded in the last 24 hours is 0.9936. The derivatives trading volume has also advanced by 15.1%, resulting in $1.83B. Moreover, the open interest has declined by 10.5% and the short liquidation for the crypto is $2.29M.
NEAR Crypto Technical Analysis
After consistently forming a higher high pattern on the charts, the NEAR crypto price has broken above the crucial resistance levels resulting in a strong uptrend. It has led to a huge surge in the token price. Based upon the current price action, more upside in the NEAR token seems to be coming as the bullish momentum is continuing in the price.
NEAR/USD Chart by TradingView
On the daily timeframe, a parabolic momentum can be seen which has led all of the indicators to a bullish setup formation. The EMAs are trading in a golden cross and the crypto price is trading above the 50-day and the 200-day EMAs. That shows the dominance of buyers in the market.
The RSI is also trading above the overbought zones indicating strong buying momentum in the crypto price. It also has crossed above the 14-day SMA, which shows strength in the crypto price.
Conclusion
The NEAR crypto has experienced a remarkable 52.8% surge in the last seven days, breaking key resistance levels and forming a strong uptrend. Technical analysis reveals a bullish momentum, with the price trading above the 50-day and 200-day EMAs, a golden cross in the EMAs, and the RSI indicating strong buying momentum.
Therefore, the NEAR crypto price might lead to further higher levels in the upcoming days.
Technical Levels
Support Levels: $0.960 and $2.090
Resistance levels:$4.90 and $7.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.