A Double Bottom is being Created; Is It The Time?

Despite a 13% decline in the past month, the bears have been giving way to positive trends in recent times. NEAR’s growth potential in the long term is demonstrated by an 18% increase in the past year. 

NEAR Protocol is a platform developed by users to tackle common issues arising from blockchain technology. The Enterprise Node Operators (ENO) program, created in partnership with Meta Pool, is one of its major initiatives, empowering large companies to help grow, decentralize, and secure NEAR. 

The protocol teamed up with Polygon Labs on November 8 to improve zero-knowledge proofs. Two days later, NEAR Protocol partnered with Eigen Labs to make Ethereum rollups more efficient and reduce costs.

NEAR uses sharding architecture to achieve high throughput and low latency for dApps like DeFi, gaming, and NFTs. Its ecosystem supports developers and aims to solve Ethereum’s scalability issues, making it a more efficient option. However, it faces the challenge of staying competitive in the constantly evolving blockchain space.

Technical Analysis and Prediction of NEAR Token Price 

NEAR’s OI has surpassed the $90 million mark for the first time since August, which is noteworthy. Sentiment data shows that NEAR Protocol’s Binance funding rate is hovering around 0.01%, indicating a slight dominance of long position holders until further price movements occur. Moreover, a double bottom pattern is being made after the recent bullish actions.

According to Sentiment, NEAR’s Relative Strength Index (RSI) recorded a slight increase, from 58 to 59, over the past 24 hours. To remain above the $2.7 mark, NEAR’s RSI should stay below 60.

If NEAR’s price’s RSI exceeds the 65 mark, bullish investors can expect a price cooldown. In early November, NEAR Protocol announced notable partnerships that could have played a key role in initiating the asset’s bullish momentum. 

The present support level for the NEAR price looks solid, showing that the bullish investors haven’t given up yet. Moreover, the resistance level is taken at the wick of the candle because of the previous strong resistances. 

What the Indicators are Showing?

Conclusion

NEAR Protocol has shown an 18% growth in the past year. Its partnerships could have played a key role in initiating the asset’s bullish momentum. If NEAR price’s RSI exceeds the 65 mark, bullish investors can expect a price cooldown.

Technical Levels

• Support Levels: $2.707 and $2.075
• Resistance Levels: $4.63 and $5.97

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.