NEAR Gains 8% In The Last Day, Can Bulls Push It To $6?
In the past 24 hours, Near Protocol (NEAR) has witnessed a notable 8% surge in its price, rising to $4.94, accompanied by a 24-hour trading volume of $399,606,766.58. Despite facing significant selling pressure over the past week, resulting in a 25.28% decline, the utility token for Near Protocol is showing promising signs of recovery.
This recent uptick has fueled speculation among analysts about the potential for NEAR to reach the $6 mark or even further.
This Analyst Predicts a Massive Surge
The current price movement of NEAR Protocol indicates a short-term consolidation phase. Market technician Jonathan Carter highlights that NEAR is currently consolidating within a range, facing a strong support zone around $5.75, as confirmed by the 50-day simple moving average (SMA).
Currently, the price is consolidating within range and now facing a strong support zone around $5.75, confirmed by the MA 50💁♂️
A breakout above this consolidation phase could lead to a rally towards $11.00📈 pic.twitter.com/yc2ZKpOZDU
— Jonathan Carter (@JohncyCrypto) June 14, 2024
This SMA level is critical, as the price has recently tested and bounced off this support, indicating a possible bullish trend. Per his snapshot, the NEAR/USDT trading pair on Binance shows two significant support zones: the lower at $2.5 and the upper at $5.75.
The 50-day SMA, around $5.75, acts as a pivotal support level. The RSI is currently below the midpoint at 43.73, indicating the market is not overbought or oversold but slightly leaning towards oversold. According to him, a potential breakout above the current consolidation phase could propel NEAR towards the $6 mark and beyond.
Daily and Weekly Chart Insights
The daily chart on TradingView reveals a positive movement, resulting in a price increase, with NEAR opening the day at $4.726 and closing at $4.932. The price remains below the SMA 9 at $5.561, signaling a bearish trend. The RSI stands at 34.97, nearing oversold conditions, which could present a buying opportunity if it moves upwards. The MACD histogram, though negative, shows signs of convergence, indicating weakening bearish momentum.
On the weekly chart, NEAR opened at $5.634 and closed at $4.931, with a red candlestick reflecting a price decrease. The weekly SMA 9 is at $6.815, with the price below this level, maintaining a bearish trend.
The RSI at 46.61 suggests bearish momentum but is not yet oversold. The MACD histogram remains negative, reinforcing the bearish trend.
Other Factors Sparking Speculation
Another social media personality advocating NEAR’s potential for growth is Kyren, who highlights NEAR’s innovative approach. This is particularly through its unique sharding technology called “Nightshade.”
$NEAR has really shined as one of the fastest growing Layer 1 networks in this cycle so far!
It's not just growing with adoption, the tech coming to NEAR Protocol's on par with the best Web3 has to offer.
From DeFi to data to AI & more.
Here's why NEAR should be on your radar.… pic.twitter.com/wdU3HnA5xP
— Kyren (@noBScrypto) June 18, 2024
Unlike traditional sharding methods, Nightshade features dynamic sharding, which adjusts the number of shards based on network demand, enhancing computational efficiency and scalability. Additionally, Nightshade employs fragmented block production, where transactions are divided into smaller “chunks” and processed in parallel. This method increases the efficiency of network validation. It also positions NEAR Protocol as a formidable player in the blockchain industry and potentially increases its demand, hence price.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Naveed Iqbal
Naveed is a skilled crypto journalist exploring blockchain things for over 6 years now. He enjoys covering breaking stories in crypto and web 3 space. With a deep understanding of digital currencies and sharp analytical mind, Naveed has earned a reputation for delivering well-researched and thought-provoking articles at multiple crypto outlets.
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