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- 1 Amidst the bearish wave, the Near Protocol price has reclaimed the $7 mark.
- 2 Buyers have started accumulation and surpassed the 20-day EMA mark.
The NEAR price has replicated the buying momentum and has breached the trendline hurdle of $7, gaining strength in the last sessions. Moreover, the NEAR crypto has retained its bullish trajectory, reflecting Bull’s willingness to dominate the battle ahead. A break and close above the $7.80 mark would validate the buying strength, and the NEAR crypto will start to shoot the gains soon.
At press time, the NEAR Protocol (NEAR) price traded at $6.80 with an intraday drop of 3.09%, reflecting neutrality on the charts. It has a monthly return ratio of -2.20% and 252.78% yearly. The pair of NEAR/BTC is at 0.000107 BTC, and the market cap is $4.13 Billion. Analysts are bullish and suggest that the NEAR crypto may continue to shine gains and will outperform in the following sessions.
NEAR Price Volume Profile Analysis On Daily Chart
Per the Santiment data, the price-to-volume profile of the NEAR Protocol replicates buyer accumulation action in the last trading sessions. Moreover, the price action signifies a trendline breakout, and buyers have started fighting the battle and showcased their muscles. Meanwhile, the sellers have begun covering their positions. The intraday trading volume dropped over 11.90% to $391.15 million.
NEAR Protocol Volatility and Total Weighted Sentiment Review
Despite the significant price recovery, the price volatility curve witnessed a regression of over 5.20% to 0.011. Conversely, the weighted sentiment data signifies a positive development, and the value sustained above the midline is around 0.925.
Social Dominance and Twitter (X) Followers Insights
The social dominance data noted a down move and dragged over 32.09% to 0.704%, noting a negative thought among the investors. However, the X followers data noted an up move of over 21.89%, reaching 427.
Development Activity and Total Open Interest Insights
On the daily charts, the development data witnessed a stable move and stayed close to the midline support mark, near 29.31, showing a neutral outlook. The development activity contributors’ count value declined and dropped to 7. However, the derivative data signifies a short covering. The open interest dropped over 2.39% to $176.13 million.
Per the Fib levels, the NEAR price trades near the 50% zone and is above the mid-Bollinger Band, directing a bullish trend on the charts. However, the RSI curve stayed close to the midline region, and a negative crossover was noted on the charts.
The total supply of the NEAR Protocol is 1 Billion, whereas the volume-to-market cap ratio is 0.102, ranked 30 in the global crypto market cap.
Summary
The NEAR Protocol price retained buying momentum and decisively surpassed the key moving averages. Moreover, the crypto is trading with a bullish bias and has regained buying momentum. Technical indicators are suggesting an outperforming outlook for the upcoming sessions.
Technical Levels
Support Levels: $6.20 and $6
Resistance Levels: $7.20 and $7.80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
