- Trading volume has surged by 50% in the past 24 hours.
- The Near Protocol price is up by 22% in the last 3 days.
Near price chart displays that the asset price has been facing resistance from a significant resistance level of $7.50 since April. The price has been in a bullish trend since October 2023 and has witnessed a considerable rise of around 650% till now.
The positive momentum was interrupted from the $9 and showed weakness. After approaching the 52-week high, the price has lost buying momentum and is struggling below the major resistance level of $7.50.
Recently, the price slipped below the 20-day EMA, but buyers bounced back and surpassed it. Currently, the price has extended to the major resistance level with a hike of 50% in the trading volume.
At press time, the Near Protocol price traded at $7.51 with an intraday gain of 0.28%. The market capitalization is $8.02 billion, and the trading volume is $489.66 million, with a rise of 50% in the last 24 hours. The circulating supply is 1,068,954,722 NEAR, and the total supply is 1,189,377,692 NEAR.
NEAR Price Forecast: Will Near Protocol Price Extend to the $10 Mark?
Near price has undergone a consolidation phase and has been struggling below the $7.50 for the last few weeks. According to the technical chart, the asset price has risen by forming higher lows.
Suppose the Near crypto price triggers a breakout from the major resistance level with an increase in the trading volume, and buyers may show interest, which may lead to bullish momentum. Buyers may eye the $10 hurdle if the price exceeds the resistance level.
In contrast, a short-term bearish momentum can be expected if the digital asset price faces resistance from $7.50 and forms a bearish candlestick pattern. Suppose the NEAR price slips below the $6 mark; it may witness strong selling pressure, and a trend reversal can be seen.
RSI is 61, generating a golden crossover, indicating a bullish sentiment. MACD has formed green histograms and MACD line, and the Signal line is over the Zero line, showcasing the positive momentum.
Volume vs. Price Analysis for Near Protocol Crypto
From February to March, the trading volume was pumped by approximately 2000%, which positively impacted the price. Since mid-March, the trading volume has kept decreasing, and the price has also lost about 20%. If the trading volume increases, it may positively impact the price.
NEAR Crypto Development Activity vs Price Analysis
Since the beginning of May, the development activity in Near Crypto has increased rapidly, and the price has risen by 25%. The development activity may decrease, and the price may be at a resistance level.
Conclusion
NEAR Protocol, the asset price has struggled to break above the significant resistance level of $7.50. However, the recent surge in trading volume and positive momentum indicators could potentially lead to a bullish breakout.
If the buyers dominate and push the price above the resistance level, it may reach the $10 mark. On the other hand, if the price faces resistance and drops below the $6 mark, it may lead to a trend reversal.
Technical Levels
Resistance: $7.50 & $9.00
Support: $5.00 & $4.00
Disclaimer
This article is for informational purposes only and provides no 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.