The cryptocurrency market has been experiencing strong buying pressure over the past few days. This week, the price of BTC reached several all-time highs, pushing the rest of the altcoins higher. In this article, we review the technical analysis of the NEAR token. Will this coin be able to conquer $8 in the short term?
A look at NEAR's technical analysis
This paper is a review of the NEAR token from a technical analysis perspective. In the meantime, elements of external influence that generally cause price variations are left aside.
In the CoinCodex analysis , 30 technical indicators were applied to this token. Of these, a total of 26 point in the bullish direction and only 4 point downwards. Meanwhile, the fear and greed index scores 88 out of 100, which confirms a trend of extreme greed. The token offered green numbers in 14 of the last 30 days. Thus, the chances of profit are 47%. Meanwhile, the volatility is 10.08% in the same one-month period.
Meanwhile, key technical analysis indicators of the NEAR token such as the 30-day and 50-day SMA are noticeably positive. In parallel, the RSI marks a neutral position of 62.33. It is worth remembering that overbought corresponds to a score of 70 and above, and oversold to 30 or below.
Another notable factor in the NEAR analysis is the market sentiment index. According to the same portal, 90% have bullish expectations, while 10% expect the price of NEAR to go into the red.
Short-term price prediction
Taking into account the above data, it is time to answer the important question: Will NEAR reach $8 in the short or medium term? Before moving on to the forecasts, it should be stressed that these correspond only to technical analysis, that is, to historical behavior. Therefore, any news or contextual fact can completely change these predictions.
The price of NEAR is expected to reach $6 within a week from the current point. In the short term, there is no indication of significant declines. With this, until next Thursday, November 21, the currency would grow by 8.95%. In a month, its performance would be +52.15%. December 13, 2024 is the date for the $8 of the NEAR token, according to CoinCodex analysis .
In a slightly longer time frame, a significantly bullish performance is expected by 2025. In November of next year, the currency would reach $17.57 in the moderate scenario.
Data to take into consideration
1. The predictions in this article are exclusive to the CoinCodex portal and not to CriptoTendencia. The performance and price data were taken from CoinMarketCap and Messari.
2. Predictions for Near Protocol (NEAR) token are based on technical analysis, i.e. historical data. As such, these may change in case of unforeseen news.
3. NEAR is the native token of Near Protocol, a multi-purpose network that hosts decentralized applications. It aims to overcome the limitations of traditional blockchains such as low scalability and poor interoperability.
Disclaimer: This prediction is based on historical trends and technical analysis. Cryptocurrency prices are highly volatile and can be affected by external factors. Investors should do their own research before making investment decisions.
