- NEAR Protocol’s AI expansion positions it for double-digit breakout and ecosystem-driven growth.
- Bullish sentiment and rising metrics signal NEAR’s readiness to challenge $9 resistance and beyond.
As a researcher with years of experience tracking the crypto market, I can confidently say that NEAR Protocol’s foray into AI is not just a step, but a giant leap towards a double-digit breakout and ecosystem-driven growth. The bullish sentiment and rising metrics suggest that NEAR is ready to challenge the $9 resistance level and beyond.
The cryptocurrency NEAR Protocol (NEAR) is gaining traction within the digital currency sector due to its consistently rising value. Notable advancements such as its exploration in artificial intelligence (AI) have sparked increased curiosity among investors and observers alike.
It appears that based on some technical indicators, we might soon witness a leap into prices above ten, if current trends continue.
NEAR enters the AI sector
The NEAR Protocol has made its entrance into the realm of Artificial Intelligence by launching NEAR AI, a collection of tools and platforms aimed at seamlessly incorporating AI technology within both traditional web2 and emerging web3 ecosystems.
Among these tools is the NEAR AI Assistant, currently in its alpha phase.
This AI tool grants users the ability to interact with cutting-edge AI capabilities via chat at near.ai, thereby facilitating smooth interactions between traditional web2 platforms and emerging web3 services.
NEAR plans to lead the way in advanced AI-driven blockchain technology by incorporating intelligent AI agents that can act on behalf of users within various digital environments.
In simple terms, as the AI industry expands, and with NEAR’s latest moves, the protocol could have the opportunity to claim a portion of this growing market driven by AI technologies.
Strong price momentum and key levels
In the past week, the value of NEAR has shown robust performance. At the moment of writing, NEAR is valued at $7.78, marking a 1.27% rise in the last day and a 12.07% surge in the last seven days.
Analysts are closely monitoring the token as it approaches key resistance levels.
According to crypto analyst Daan Crypto Trades,
“NEAR is holding nicely on the retest and has been grinding higher.”
The price recently found support at $6.46, a level that previously acted as resistance in August and November. This successful retest indicates strength in the uptrend.
The nearest significant barrier is found at $8.53, a point previously touched in May and July. Overcoming $8.53 could lead NEAR towards attempting to surpass its peak cycle high of $9.05.
Exceeding this limit might catapult the token towards figures in the double digits, as $10 serves as a significant psychological milestone next.
Derivatives market shows bullish sentiment
Data from Coinglass reveals robust activity in NEAR’s derivatives market. Over $1.35 billion in trading volume (+12.11%) and $539.58 million in open interest (+8.53%) suggest increasing participation and growing confidence among traders.
The long-to-short ratio on Binance is heavily skewed, with 4.76 long positions for every short.
The information on liquidations underscores the widespread optimism (bullish sentiment). Over the last 24 hours, there were approximately $2.09 million worth of liquidations, with a majority of those positions being long ones.
While this indicates some volatility, the overall trend supports continued upward movement.
NEAR’s ecosystem growth supports positive outlook
Apart from its market movement, it’s worth noting that NEAR’s ecosystem is also growing. According to DefiLlama, the total value locked within the protocol stands at approximately $350.57 million, marking a 4.46% growth over the past 24 hours.
Furthermore, the market cap of stablecoins on this network is currently $665.38 million, with daily fees and earnings amounting to approximately $33,615.
The blend of ecological development, technological advancement, and intelligent AI strategies might pave the way for NEAR to reach prices in the double digits.
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2024-12-06 18:48