Mysterious Tweets Elevate Hack Rumors: Is NEAR Price in Jeopardy?

• 1 Near Protocol faces hack suspicion after several enigmatic tweets. However, Nothing has been confirmed officially.
• 2 The technical indicators imply a bullish perspective, suggesting that there may be potential for further price appreciation.

Suspicions of a hack involving Near Protocol emerged after a series of mysterious tweets sparked discussions among social media users. The crypto community expressed concerns over the potential breach of Near Protocol’s Twitter account. Yet, no official confirmation has been made.

Despite the swirling rumors of a hack, the NEAR cryptocurrency value remained resilient. It surged by approximately 6.15% and ranked as one of the top performers during the market’s broader recovery phase.

Let’s delve into a more comprehensive analysis to understand events that occurred and assess the potential impact on the NEAR cryptocurrency value from various perspectives.

Enigmatic Tweets by Near Protocol’s Official Account Grab the Attention

On May 9, it was suspected that the NEAR Protocol public blockchain project’s official X account was compromised. An utterly black image replaced its avatar on the X platform, and the profile was changed to “Dark” with confused characters.

Around 4 a.m., it posted four strange tweets with scrambled characters, namely “claim your sovereignty,” “darkness,” “take back your own,” and “The sun rises in the east.” As of now, NEAR’s other official social channels have not provided any explanation regarding those tweets.

Near Protocol Price Prediction Amid Hacking Rumors

The daily chart reveals an ascending triangle pattern, with the price consistently finding support along a positively sloping trendline. When writing, the price was trading close to the pattern’s upper limit, priced at $7.20.

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If the price broke through the upper side, it could potentially lead to a 20% increase, reaching around $9, which aligns with the highs seen in March. However, this upward trend is contingent upon the price above the recent resistance level of $7.59.

Conversely, if the price dropped below the lower trendline, it could halt the upward momentum, potentially leading to a decrease toward the $6 mark, as indicated on the charts.

The technical indicators imply a positive outlook on a combined analysis as the price hovered above the key Exponential moving averages of 50 and 200 days at the time of writing. 

Conclusion

Amidst rumors of a hack based on cryptic tweets, the NEAR price remains robust, trading at $7.20 within an ascending triangle pattern. A breakout above could yield a 20% gain to $9, contingent on sustaining above $7.59 resistance. 

Conversely, A dip below the trendline may reverse gains, targeting $6. Technical indicators remain positive, with prices above the 50 and 200-day Exponential Moving Averages, signaling potential growth despite market uncertainties and unconfirmed security concerns.

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.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.