- A surge in development activities signals NEAR’s potential to break through existing resistance levels.
Trading activities in the NEAR market have also played a significant role in fueling its expected growth.
As a seasoned researcher with years of experience in the cryptocurrency market, I find myself consistently intrigued by the dynamics that drive the price movements of various digital assets. Recently, my attention has been drawn to Near Protocol [NEAR], a project that seems poised for growth based on its current performance and development activity trends.
In the last seven days, the market conditions have been beneficial for investors aiming to make profits (bullish traders), as seen by a significant increase of 6.53%. This surge in value is similar to the daily growth that Near Protocol’s token, [NEAR], has experienced.
Currently, the price level of $4.662 for NEAR is encountering substantial opposition, momentarily curbing its daily advancements. Despite this minor setback, NEAR continues to maintain a favorable position for potential future growth.
Surge in development activity backs anticipated NEAR rally
Based on Santiment’s analysis, there’s been a significant rise in development-related activities for NEAR, following a phase where these activities were decreasing. Typically, market patterns tend to mimic fluctuations in development activity.
An increase in developmental efforts on NEAR could hint at a possible price surge for it. This kind of activity usually means that the NEAR team is tackling problems or introducing significant upgrades and advancements to their protocol.
Although continuous advancements indicate a positive trend for NEAR, there could be other variables that contribute to its price surge as well.
NEAR faces selling pressure at resistance line
At the moment, NEAR‘s price action shows signs of a bullish triangle formation, indicating a potential near-term price increase. This pattern features a diagonally ascending level of resistance and a flat level of support.
Currently, as I’m typing this, NEAR has managed to break free from its previous trend and has run into a new resistance level at approximately $4.662, causing the price to dip.
Based on current signs, this seems like a temporary pullback in the price chart before potentially surging again. It’s quite probable that NEAR will regain its pace and aim for prices around $5.256, $6.489, $7.709, and $8.520.
If it turns out that the current surge isn’t genuine (a false breakout), NEAR might locate its next potential support at approximately $4.304. Sizable selling activity could cause the price to fall and potentially touch the horizontal support line or even dip lower to around $3.076.
Interest in NEAR remains elevated
As a researcher observing market trends, I’ve noticed an intriguing pattern with NEAR based on the Open Interest metric from Coinglass. Currently, it’s trading at approximately $200.76 million, which is significantly above its September 17 low of $138.25 million. This upward movement suggests that NEAR might be gearing up for a further price increase.
Realistic or not, here’s NEAR’s market cap in BTC’s terms
This significant increase indicates that investors are actively purchasing NEAR, presumably in expectation of further price growth and reaching even greater trading heights.
Over the last day, there’s been a significant 56.52% rise in NEAR‘s trading volume, mirroring the boost in Open Interest.
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2024-09-23 13:12