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- 1 At press time, NEAR crypto was trading close to $5.62, reporting a positive intraday development of 3.70%.
- 2 The technical indicators imply a neutral to bullish outlook in the short term.
The NEAR crypto is consolidating at the support after slumping near the previous breakout zone. The buyers are returning back and are gathering strength to resume on the higher side.
The Near protocol crypto gained traction and is trying to stretch gains in Intraday. At the time of writing, the crypto was trading close to $5.62, recording a positive intraday development of 3.70%. The price hovers near the weekly highs and may show more gains if the price surpasses the weekly highs.
The short term trend noted some sort of weakness since mid March and the price has dropped nearly 30% from the highs. Despite short-term weakness, the bears failed to break below the previous breakout zone and round level of $5 level.
Currently, the NEAR crypto is stuck between the 50 and 200 day EMAs reflecting indecisiveness in the trend. The sustenance near the previous breakout zone suggests a possible breakout above the 50 day EMA and a trend continuation towards the higher side.
Positive Sentiments Are Rising, Can NEAR Show Gains
The above chart depicts the positive, negative and weighted overall sentiment of the NEAR crypto. The weighted sentiment curve showcased a neutral sentiment which turned bearish mid March. The Near protocol price also noted a sharp fall on the charts.
However, the weighted sentiment curve has improved from the negative zone and has reached the mean line highlighting the improved sentiment in the recent sessions. It suggests a possible shift towards a bullish trend in the crypto.
NEAR Crypto: Development Activity Insights
The development activity curve shows that the Near protocol crypto noticed healthy development activity in the last couple of weeks. The development activity curve has formed a positive trajectory indicating the major updates and changes going on in the crypto.
The current number of development activity was 40.38 and the number of development activity contributors count was 8 which is highest in the last six months.
NEAR Crypto Forecast April 2024
On the most optimistic note, Near protocol crypto could gain to a high of $7.88 as the highest value in April if the bulls surpass the recent dynamic resistance of 20 and 50 day EMAs. On the other hand, the most pessimistic prediction of our analysts is for the price to reach $4.04 if it breaks below the recent support level of $5.
Conclusion
NEAR crypto is stabilizing around $5.62 after a drop, hinting at a potential uptrend as it trades between the 50 and 200-day EMAs. The bears failed to break below the recent support and previous breakout zone of $5 indicating a potential buying in the upcoming sessions.
Currently, Near crypto is hovering above the 200 day EMA despite registering a 30% fall since mid-March. Also, a positive shift in weighted sentiment has been observed and a peak in development activity in six months suggest growing strength and possible bullish momentum.
Technical levels
- Support Levels: $5.22 and $4.29
- Resistance Levels: $7.53 and $8.9
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.
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.
