NEAR Protocol (NEAR) has gained traction over the past month, with its price climbing nearly 20% and currently trading at around $2.87.
The move has sparked renewed optimism among traders and analysts, who believe the project may be on the verge of breaking out of a long downtrend.
Technical data highlights NEAR’s recent resilience. After months of sideways trading, the token has reclaimed its 20-week moving average, a level many traders consider a key signal for the start of a broader trend shift.
According to well-followed market analyst Michaël van de Poppe, holding above this level could pave the way for a strong upside continuation. He described NEAR as “the AI Layer 1 of the Web3 ecosystem,” emphasizing that momentum is now building for a potential new uptrend.
Charts show that the next major test lies at the resistance zone near $4. A decisive break above this level could open the door to further gains, with projections pointing toward a 70% to 80% rally that may push NEAR above $6. At present, NEAR’s relative strength index (RSI) suggests a neutral-to-bullish setup, leaving room for the price to expand without being overextended.
Market sentiment has also improved alongside price action. NEAR’s market capitalization now stands at $3.59 billion, with strong community engagement signaling growing confidence in the project’s future.
If NEAR successfully breaks through resistance, it would mark one of its most significant technical shifts since early 2024. Traders are now closely watching whether the token can sustain momentum through October and potentially join the ranks of other altcoins showing early signs of trend reversals.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/near-protocol-shows-signs-of-trend-reversal-as-analysts-eye-breakout/