The Layer-1 blockchain network NEAR Protocol (NEAR) price hovered near the 20-day EMA mark and stayed flat in the intraday session. Amidst the bearishness in the market, the token price secured the $4 mark and stayed above it.
Traded close to its downward-sloping trendline mark of $5, the token is on the verge of registering a massive up move and could blast the gains ahead.
This week, the token made a double bottom pattern around the $4 mark and recovered over 20%, displaying buyer accumulation. Amidst the uncertainty in the market, the NEAR token was cooking something bigger and set for a breakout ahead.
Once it decisively closes above the $5 mark, a short covering move would lead the token towards its 100-day EMA mark near $5.80, followed by $6 soon.
NEAR Price at Press Time
At press time, the NEAR Protocol was trading at $4.78 with an intraday drop of 0.36%, reflecting neutrality on the charts. It was ranked at 34 and has a total supply of 1 billion.
When writing, the pair of NEAR/BTC was at 0.0000835 BTC, and the market cap was $2.90 Billion. Analysts were neutral and suggested that the NEAR price might register a breakout and reach the $6 mark soon.
NEAR Anticipates a Breakout: Can Bulls Succeed?
On the daily charts, NEAR Protocol has persisted in forming the lower low swings and has retained the 20-day EMA mark. Meanwhile, it was on the verge of a trendline breakout and might soon cross the $5 mark.
Still, the sellers have secured their grip hard near the $5 mark, and the bulls anticipated a much-needed breakout.
Regarding the downside risk, the $4 mark was the strongest support zone for the bulls to halt there. If bears breach this trajectory, a free fall could be seen at $2.70.
The RSI showed a positive divergence and suggests a possible up move ahead; the MACD indicator tells the same while displaying a bullish crossover, revealing the buying pressure on the chart.
However, the on-chain data still favored the bear cartel, and indecisiveness was noted.
Price Volatility Sees a Decline
Despite the intraday flat moves, the price volatility curve dragged over 23% to 0.013, conveying a decline in investor participation and low-volume activity.
Its development activity data stayed flat near the midline region, noted at 182, signifying no significant growth in the ecosystem for the past few weeks.
Crypto Analyst @Worldofcharts in his tweet said that, NEAR token has made a falling wedge pattern and could see a major breakout ahead.
What Does NEAR Protocol Social Parameters Say?
This week, the social dominance curve noted an interesting up move, establishing a rise of over 6% to 0.034% in the last 24 hours.
Meanwhile, the open interest data witnessed a decline of over 1.27% to $156.15 Million, reflecting the short-covering move in the past 24 hours.
Total Value Locked (TVL) Outlook
The NEAR Protocol has a total value locked (TVL) of around $232 Million, and a change of over 2.62% in the last 24 hours was noted.
OI Weighted Funding Rate
The positive value of the funding rate suggest the buyer interest remain high and a positive shift in the token price could seen ahead.
The immediate support levels for the NEAR token are $4.20 and $4, whereas the key upside hurdle is around $5, followed by $5.40
All in All
The NEAR token price retested the 20-day EMA mark and has approached the trendline resistance mark of $5. If the token crosses the hurdle, a much-awaited breakout can seen.
