NEAR Protocol Shaped a Symmetrical Triangle: Could It Gain 40%?

• NEAR incorporates smart contract functionality with Bitcoin.
• Near Protocol price may extend to $7 after a successful breakout.
• Over the previous two months, TVL for Near has risen by 34.44%.
• Over the past day, Open Interest in NEAR has increased by 4.8%.

In a broader time frame, the Near Protocol (NEAR) price has triggered a breakout from a falling wedge pattern. Additionally, it has formed a symmetrical triangle and is trading in the breakout zone.

It is expected to gain 40% after a successful breakout. Could the NEAR price rise to $7 due to rising total value locked (TVL), increased open interest, and smart contract integration of Bitcoin?

Can NEAR Protocol Price Smash $7 Mark After Breakout?

The NEAR protocol price has displayed a symmetrical triangle in a daily time frame. The price has been struggling between two converging lines. These lines are continuously squeezing, which may lead to a breakout.

Buyers might be attracted once the NEAR price starts trading over the 200-day EMA. They could trigger a breakout from the triangle. If the price overcomes the $5.5 mark, it may quickly rally to $7 in the next few days or weeks.

On the other hand, selling can be seen if the NEAR crypto price slips below the $4.25 level. It might be difficult for buyers to bounce back once the price starts trading below the $3.50 mark.

NEAR Protocol Improves Integration with Bitcoin

NEAR Protocol recently tweeted that it is making significant progress with Bitcoin by utilizing not only the native version of Bitcoin. However, Bitcoin has other versions, such as wBTC, tgBTC, cbBTC, and kBTC.

Thanks to its integrated smart contract capabilities, the platform can function smoothly within NEAR’s ecosystem. However, it still utilizes Bitcoin’s base layer.

NEAR’s Chain Signatures technology removes the hassles of managing multiple Bitcoin versions. Doing so gives developers and users a more flexible and integrated experience.

By combining the programmability of NEAR’s blockchain with the decentralized security of Bitcoin, NEAR Protocol is establishing itself as a pioneer. It has enhanced Bitcoin’s usefulness within the larger cryptocurrency ecosystem.

Open Interest Indicates Growing Involvement

Green bars on an OI chart indicated a steadily rising indicator of the derivatives market’s increasing activity. An increase in OI indicated that more capital is being drawn into NEAR futures contracts.

NEAR Protocol’s open interest has increased by 4.80% over the past 24 hours. One explanation for the recent spike in OI is the increased faith in NEAR’s long-term prospects.

Total Volume Locked (TVL) and Liquidity Trends are Climbing

The NEAR Protocol‘s Total Value Locked (TVL) is currently $242 Million. This is 34.44% more than the figures for early August.

A significant increase in TVL suggested that the NEAR ecosystem has more capital. As more assets are staked and invested, this indicates a high level of market interest.

NEAR’s ecosystem expansion further enhanced positive sentiment. This included releasing the relaunched NEAR AI and completing its sharding roadmap (Nightshade 2.0).

This only heightens the anticipation for the upcoming edition in Bangkok. It is scheduled for November, and our interest from investors is growing. Meanwhile, Qubetics and other blockchain companies are entering the fray.

Disclaimer

Investing in crypto assets involves a high degree of risk. Crypto owners can lose their entire investment due to inherent risks. Past performance is not indicative of future results. Make sure to conduct your own research before investing in cryptocurrencies.