The NEAR Protocol price found some space On Friday, bolstered by positive sentiment in the market leaders like Bitcoin and Ethereum. NEAR crypto registered an intraday gain of 8.40% clawing back some of the week’s losses.
However, Today the bulls struggle to resume yesterday’s momentum as the 50-Day EMA has turned resistance and is blocking further movement. It also may be interpreted as the fading buyer’s interest after the price reached the upper levels.
The NEAR protocol crypto currently trades at $2.87 with a slight negative development of 0.31% in intraday. The crypto has a total market cap worth of $2.904 Billion and ranks 31st among all the cryptocurrencies.
The daily volume received by the crypto is $227.519 Million which is 18.95% as compared to the previous day. Moreover, the current volume to market cap is 8.69% suggesting mild volatility in the crypto.
NEAR Protocol Crypto Price Technical Analysis
The Near Protocol crypto daily chart demonstrates the formation of a descending parallel channel pattern with the price hovering between the upper and lower boundaries of the channel. The NEAR crypto is correcting and respecting the channel pattern for the past four weeks.
Looking slightly into the past, it is observed that the Near price maintained a strong outlook since October 2023. The crypto price reversed from a low of $0.99 in October and kept on thrusting higher until attained a high of $4.5 in December.
NEAR crypto price sustained above the 20-Day EMA for most of the time during October to December 2023.
Currently, the price is in a correction phase and is declining, in a channel. Breaking out of this channel may push the price beyond the upper supply levels. However, the price trend is neutral to bearish until it can be maintained in the channel.
The technical indicators show that the NEAR crypto has dropped below the 20-Day and 50-Day EMA in the daily chart, suggesting a mild beamish outlook in the short term. At the time of writing, RSI was at 43.67 points and that of the SMA line was placed at 42.13 suggesting a consolidation in the price.
NEAR Protocol Price Prediction January 2024
As per the most optimistic view of our analysts, the NEAR price could reach a high of $3.35 by January end. The less optimistic view of the analysts hopes for the price to retrace the lower boundary of the channel at $2.45.
NEAR Protocol Price Prediction 2024
The analysts have a wide range of price targets for 2024. The most optimistic view of analysts assumes the NEAR crypto could attain a high of $4.853, suggesting a potential gain of over 67.68%. The lower price target for the crypto as per the analysts is $3.873.
NEAR Protocol Price Prediction 2025
On the most bullish observation, NEAR Protocol crypto could hit the high mark of $6.155 in 2025. On the flip side, the most pessimistic prediction of our analysts is the $4.66 mark.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/27/near-protocol-price-reverses-from-lows-is-near-ready-for-a-rally/