As a seasoned researcher with years of experience navigating the volatile cryptocurrency market, I find myself increasingly intrigued by NEAR Protocol’s (NEAR) recent performance. The asset’s 31% surge over the past month and its impressive 6.36% gain in the last 24 hours has certainly caught my attention.
At the moment, NEAR Protocol stands as one of the leading performers within the market. Investors are hoping to profit from its upward trend, aiming to surpass a significant mental hurdle by breaking through this critical level.
Significantly, the cryptocurrency NEAR Protocol (NEAR) has experienced a notable increase of approximately 31% over the past month. A significant portion of this growth can be attributed to a substantial intraday rise of 14.43%, which represents its highest single-day gain in more than four months.
Following the alliance between top AI chip manufacturer Nvidia and Alibaba, there was a positive response from Artificial Intelligence-related tokens.
Currently, NEAR is priced at $5.217. In the last 24 hours, it has increased by 6.36%. This growth has boosted its market capitalization to a staggering $5.79 billion, with an impressive daily trading volume of $890 million.
The recent spike has pushed the value of the asset beyond its upper Bollinger Band, which stands at $5.072 now. This indicates that NEAR might be overbought at the moment, yet it underscores the robust short-term bullish trend.
Furthermore, the Commodity Channel Index reached 224.85 after the recent surge, which is typically interpreted as overbought since values exceeding 100 indicate this status. Therefore, it’s advisable to exercise caution, as such high readings often signal upcoming corrections.
Despite a brief dip earlier today, NEAR Protocol has since tested the upper boundary of its Bollinger Band and maintained a value above it. This suggests that the bullish sentiment is dominant within the market as of now.
If the purchasing force remains strong, this trend might sustain itself. Currently, NEAR is encountering a crucial point in its trajectory as it nears resistance points at approximately $5.469 and $6.301.
At the $6 price point, there’s a significant goal for buyers, yet when NEAR previously reached around $6, it encountered robust opposition at $5.9 which led to a string of 10 straight losing days.
If NEAR manages to hold its present pace, it might need to build strength above the $5.469 mark in order to push beyond this point. Should it fail to surpass $5.469, a potential reversal could occur, taking the price back towards the support at $4.954 or even down to $4.121.
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2024-09-24 12:06