As the week kicked off, the crypto market had its share of excitement, especially for Bitcoin enthusiasts. Picture this: early Monday morning, BTC makes a headline-worthy leap, hitting $37,500. Sure, it's cooled off a bit since then, but it's still hanging above $37,000. That's not just a blip on the radar; it's pushed the crypto king's market cap to an eye-watering $731 billion, and it's hogging over half the market share in the altcoin world. Amidst this buzz, there's one standout story that's been grabbing attention – the native token of NEAR Protocol, NEAR.
Now, NEAR has had a wild ride: on November 20, it was the star of the show among the big-name altcoins, skyrocketing by nearly 20% and cruising above $2 for the first time since late April. But, just when you thought it was smooth sailing to new yearly highs, NEAR Protocol (NEAR) took a sharp turn and dropped to $1.9, shedding over 8% in a mere couple of hours. This rollercoaster move has everyone on their toes, trying to guess what's next for NEAR in this unpredictable crypto sea.
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NEAR Protocol (NEAR) Fundamental Analysis
NEAR Protocol (NEAR) has recently made remarkable strides in the digital asset world: it's seen a 25% rise in just two weeks and an impressive 85% jump over the month, riding the wave of the overall bullish trend in cryptocurrencies influenced by the likes of Bitcoin and Ethereum. The excitement around a potential Bitcoin ETF in the US and the approaching Bitcoin halving has also played a role.
Next to that, a pivotal partnership between the NEAR Foundation and Polygon Labs, secured in early November, was set to bring innovative solutions to the table, bridging NEAR closer to Ethereum's expansive blockchain network and opening up new possibilities with WebAssembly (WASM) technology.
The growth trajectory of NEAR Protocol (NEAR) got a further boost after Binance Japan had announced its addition to their platform, with plans to expand their crypto offerings significantly.
NEAR Protocol (NEAR) Technical Analysis
The technical landscape of NEAR Protocol (NEAR) has been a rollercoaster this year, navigating through a descending parallel channel. This trend was marked by NEAR validating both resistance and support levels on multiple occasions.
A pivotal moment occurred after a stark rejection at the resistance line on October 2, leading to a low of $0.97 by October 18. This low point, however, marked the beginning of a significant reversal, as NEAR Protocol (NEAR) broke through the crucial $1.6 resistance level, escalating its price movement.
Source: TradingView
The Relative Strength Index (RSI), a vital indicator in technical analysis, reveals an optimistic scenario for NEAR. The weekly RSI stands above 50 and is trending upwards, suggesting a bullish dominance. This is further reinforced by the RSI's breakout from its bearish divergence trend line.
However, it's crucial to note that NEAR is currently hovering near the 14-day RSI at 70% level of $1.88, indicating a potential overbought situation. This places the altcoin in a sensitive zone, sandwiched between the $1.72 support level and the $2.22 resistance, with the 14-day RSI at 80% mark of $2.09 serving as an interim hurdle.
NEAR Protocol (NEAR) Price Analysis
Analyst opinions on the future of NEAR Protocol (NEAR) are mixed, with bullish and bearish scenarios both in play. On the bullish front, the uptick in long-term volume, as observed by Investmox, suggests a likely upward price trajectory. Trader Fred's analysis supports this optimistic outlook, predicting a sustained short-term uptrend.
In this scenario, NEAR could potentially break past its current resistance at $2.22 and target higher levels, possibly challenging the $2.46 and $2.73 marks.
Conversely, the bearish viewpoint, as articulated by Baba, highlights the current position of NEAR Protocol (NEAR) in a strong resistance zone, with an overbought condition near the $1.88 RSI mark. Should the asset fail to reclaim its immediate resistance, it could retest the $1.72 mark or even fall back to lower supports at $1.54 or $1.46.
This dichotomy of views underlines the volatile and uncertain nature of the current market behavior of NEAR, as it navigates between these crucial technical thresholds.
Bottomline
NEAR Protocol (NEAR) is riding the crypto rollercoaster with its own unique flair. Caught in the crosswinds of a buoyant market and strategic moves, the altcoin’s journey is anything but dull. On one hand, there's a bullish buzz suggesting NEAR might soar even higher, breaking through resistance barriers. On the other, a bearish whisper warns of a possible dip if it hits a snag. This back and forth between optimism and caution is what keeps the NEAR Protocol (NEAR) saga gripping. As the crypto market evolves, all eyes are on NEAR, a token that's as intriguing as the market it thrives in.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
