The crypto space nowadays is displaying mixed reactions as no clear price movement is witnessed as of now. Bitcoin price maintains its swing below $43,000 while Ethereum price sticks around $3200. With the reduced volatility, the major altcoins seem to accumulate within a narrow region. Amidst the uncertain environment, Near Protocol (NEAR) price appears to be unstoppable until it forms a new ATH.
NEAR price had plunged hard a couple of days before to test the levels below $1. However, with the beginning of the previous day’s trade, the price rose gigantically to trade very close to the ATH. Woefully very huge sell-off was ignited as the asset reached close to the ATH, mainly due to extreme long liquidations.
Also Read: Will NEAR Price Hit ATH Today? Here Are Top Reasons Behind Massive Rally
Recently, huge short liquidations of more than $5 million led to the price spike to $19.78. Woefully, as the price reached close to ATH, nearly $5 million worth of NEAR longs were liquidated. However, the price still remains strong above $17 which indicates the asset is unstoppable until it forms a new ATH beyond $22 this weekend.
Whenever an asset is shorted very close to its ATH, then it tends to fly high with huge velocity aiming at higher levels. The zones around $20 have become very crucial for the NEAR price to determine the upper targets. And hence a minor breakout with less volatility may only test the ATH which will result in another price drain. However, a strong breakout with huge volume may aim at a higher target may be close to $30 too.
Also Read: Cardano (ADA) Price Aims at a 50% Upswing, Price Primed to Hit $1.8 Before the End of Q2 2022!
The Near Protocol price is hovering just 13% below the previous day’s highs. From the past couple of hours, the price has halted the dropping to lower support and fighting to sustain above $17. On the other hand, a bullish divergence is seen with the RSI and the MACD is on the verge to display a bullish crossover. Therefore, the upcoming weekend may witness a new ATH for the NEAR price, however, corrections also appear imminent ahead.
Also Read: Will These Altcoins Surge Amidst Increased Institutional Demands ?
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Source: https://coinpedia.org/price-analysis/near-prortocol-just-misses-the-ath-yet-price-poised-to-hit-30-this-weekend/