NEAR defies market bears with a 20% surge in 24 hours

The cryptocurrency market has made a slight recovery during the past two weeks. During this time, some altcoins have made major gains and are closer to recovering the losses made in January.

NEAR/USD, the native token for the NEAR protocol, has made a 21% gain during the past 24 hours. The token was trading at $16.20 at the time of writing, according to CoinGecko, which is only 22% below its all-time high.

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NEAR makes a 20% gain

NEAR has been on a notable rally since late last month. During the past few weeks, the market and buyer support have been high, and these attributes have aided NEAR in making a price recovery.

If NEAR can continue with the uptrend, it could test the next resistance level at $18.50. The token currently has high support, and it could test this resistance level soon. Once this level is tested, NEAR could target the next price of $20. NEAR will be on track to create a new all-time high at this price.

Positive developments within the NEAR protocol have aided in the price gains this month. The protocol launched the MetaBUILD Hackathon, and it made a strategic partnership that was seen to boost the utility of the NEAR token. If there are more strategic partnerships this month, the next target price will be above $25.

NEAR could also make a price dip

The price of NEAR could also be headed towards a dip if the current factors in play fail to hold. Over the past few months, prices have been dipping because of short-term traders selling.

If NEAR dips, the lower support at $14 will be tested. Before the 24-hour rally, this token was trading at around $13.14, and if short-term traders looking to benefit from short-term price gains decide to dump it, the token will drop to these levels again.

If there is intense selling pressure, the price of NEAR will drop further towards the lower support levels below $10. If the price drops to $8.50, it could create selling pressure to rally prices towards notable highs.