- The development activity has dropped by 60% this month.
- The Near Protocol price struggled to exceed the $9 hurdle at press time.
The NEAR price chart structure displays that the price has remained bullish since October 2023. At the beginning of 2024, the Near Protocol price underwent a correction phase, and again, buyers took over the charge and lifted the price to a new high.
Amid this bull run, the NEAR crypto price extended to the $9 mark but wasn’t able to sustain and showed weakness. Since April, the price has been facing resistance from the $7.5 mark, but at the same time, buyers have succeeded in defending the last swing low.
At press time, the Near Protocol crypto price traded at $7.80 with an intraday loss of 0.61%. The market capitalization is $8.45 Billion, and the 24-hour trading volume is $328.86 Million. The circulating supply is 1,077,403,927 NEAR, and the total supply is 1,191,520,631 NEAR.
Development Activity Decreased by 60%; What’s Wrong With It?
According to the given data, the development activity in the Near Protocol crypto has decreased by 60% this month. However, the digital asset price has remained positive. The development activity displayed a flat line in the past few hours, while the NEAR price has witnessed a slow and steady fall.
Price vs Active Social Users Analysis
The graph shows that the price and active social users correlate with each other. The Near price and active social users have continuously increased for the past few months. If the number of users on social media like X, Instagram, and Telegram increases, the price may be positively impacted.
Near Protocol Price Prediction: Will It Reach $10 Mark Soon?
In a daily time frame, the Near Protocol price exceeded the major resistance level of $7.50 and came for a retest. The digital asset price has been rising by forming higher highs.
If the NEAR price surpasses the last swing high, the buyers may lift it to the $10 mark in a few days. If the price triggers a breakout after consolidation at the $10 mark, buying momentum for the long term can be seen.
On the other hand, if the Near Protocol price slips below the $7.50 mark, buyers may lose momentum for the short term, and sellers may be somewhat strong. The price rises by defending the last swing high if it fails to defend the last swing high. Profit booking can be expected.
Conclusion
Based on the data and analysis, the Near Protocol price seems to be facing some resistance at the $9 mark. Besides, profit booking is possible in the short term if the price fails to defend the last swing high. The correlation between development activity and price movements is also noteworthy, and it will be interesting to see how it unfolds in the coming days.
Technical Levels
Resistance: $6.00 & $5.00
Support: $5.25 & $8.90
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.