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Can the Ongoing Bullish Wave Lead NEAR Price to Cross $9 Mark?

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The NEAR Protocol (NEAR) crypto gained bullish momentum and displayed a neckline breakout in the last sessions. In the overnight trading session, most of the crypto assets were traded in the green, and signified the buying activity.

For weeks, the NEAR token has faced the $8 hurdle and stayed below it, but a sharp bullish wave led to a split in the neckline. Meanwhile, the sellers have looked trapped, and short covering activity was noted on the charts.

At press time, the NEAR Protocol (NEAR) price traded at $8.22 with an intraday surge of 16.10%, reflecting bullishness on the charts. It has a monthly return ratio of 56.38% and 393.28% yearly.

The pair of NEAR/BTC is at 0.000123 BTC, and the market cap is $4.97 Billion. Analysts are bullish and suggest that the NEAR price may register a 52-week high breakout and reach the $10 mark soon.

Is NEAR Getting Ready for a Sharp Rally?

The daily charts of the Near Protocol (NEAR) implied an uptrend, and a trend reversal was noted. Recently, the token flipped from the 100-day EMA, and fresh higher high swings were made. 

After that, the token has decisively sustained gains above the key moving averages, which implies buyers’ dominance.

Source: Santiment

Amidst the bearish wave in the market for the past sessions, the Near Price has secured its gains in the bullish trajectory and denoted the positive trend and investor speculation.

NEAR crypto ranked at 28 according to its market capitalization and experienced a surge in trading volume of 178.67% to $931.67 Million in the last 24 hrs.

The Relative Strength Index (RSI) curve witnessed a massive spike and jumped to the overbought zone, highlighting a positive crossover.

Significant Surge in TVL: What Does It Mean?

Source: Artemis

This week, Near Protocol experienced a significant surge in the TVL (Total Value Locked), which might be an early indication of a breakout rally. If this activity persists, the NEAR price will likely cross the $10 mark soon.

Futures OI Data Insights

Following the price surge, significant long buildup activity was highlighted on the futures data. The intraday open interest data noted an intense spike over 37.26% to $338.84 Million, reflecting the investor speculation.

Source: coinglass

NEAR Crypto Has Experienced Surge in Popularity 

Notably, the social dominance data witnessed a massive recovery, displaying that investor discussions on social media platforms increased significantly. 

Source: Santiment

Meanwhile, the activity of the X platform remained flat, and the X follower’s data looked stable, which means users do not pay much attention to it.

The immediate support levels for the NEAR Protocol (NEAR) coin are $8 and $7.65, whereas the key upside hurdle is around $8.70, followed by $9.

Conclusion

The NEAR Protocol (NEAR) crypto price reflected a massive buying activity and surged over 15% intraday. Still, the token has more space to go upside and might break the 52-week high zone soon.

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. 

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