NEAR Price Shows Signs of Minor Pullback
According to Dow theory, the breakout of NEAR’s price from $2.76 suggests a potential trend reversal. The presence of a steep trendline also provides dynamic support during occasional pullbacks. However, the intraday trading volume for NEAR has seen a 15% loss, standing at $734.6 billion.
The Near Protocol experienced an aggressive recovery in late October, bouncing back from the $0.971 mark. This recovery was driven by bullish sentiment and notable partnerships in early November, leading to a surge of around 291% and reaching a 15th-month high of $3.625.
During this rally, the coin price broke through the last swing high of $2.76, indicating a change in market sentiment and a potential formation of a new higher high.
Currently, the NEAR price is trading at $3.394 with an intraday loss of $4.3. It is attempting to hold above the recently reclaimed $3.43 level. If it manages to maintain this level, buyers could drive the coin towards the next significant resistance at $5.2.
On the other hand, if the price falls below $3.43, it may trigger a new correction of 17.75% to test the combined support of $2.76 and the ascending trendline.
NEAR Protocol Witnesses Dramatic Rise in Open Interest
The open interest in NEAR Protocol futures has experienced significant growth, indicating increased market dynamics and investor interest. CoinGlass data shows a climb from the December 16th low of $84.4 million to a peak of $166.25 million, the highest level since August 2022. This surge in open interest, combined with the rally in NEAR’s price, suggests heightened investor confidence and focus on this particular digital currency.
- Exponential Moving Average (EMA): The 20-day EMA has consistently provided strong pullback support for over two months.
- Average Direction Trend: The ADX slope is currently at a high of 35%, indicating that buyers may soon tire out and a pullback may be needed to revive buying momentum.
Hot Take: NEAR Protocol’s Recovery and Growth Potential
The NEAR Protocol has shown an impressive recovery and growth potential despite the current correction mode in the crypto market. With a 44% weekly gain and decisive breakouts from key levels, NEAR has established a solid foundation for further growth. If general market sentiment turns bullish again, there is a possibility that NEAR’s price could hit $5. However, it is crucial to monitor key support levels and watch for any potential pullbacks that may impact its upward trajectory.
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