Update on price $NEAR Protocol as of 11/12/2024 and investment analysis

Current Price

NEAR Protocol is trading at $6.89 with a market capitalization of approximately $7.22 billion USD, showing a slight increase of 1.5% in the past 24 hours. Trading volume reached nearly $340 million USD, indicating stable interest from investors

On-chain Analysis

• Whale activity: A large amount of NEAR has been withdrawn from major exchanges such as Binance and Coinbase, indicating an accumulation trend in the price range of $6.5 - $6.8. However, some transactions over $1 million USD indicate selling at the resistance level of $7.0

• Large wallet balances: The amount of NEAR in whale wallets increased by 3% over the past week, further reinforcing the belief that institutions are holding to anticipate price increases.

Technical Analysis

• RSI (Relative Strength Index): Currently at 56, near the neutral zone, indicating that the market is not showing overbought or oversold signals.

• MACD: There is a bullish crossover signal, supporting a positive trend in the short term.

• Support and Resistance: The main support level is $6.5; strong resistance at $7.5. If the price exceeds $7.5 with high volume, the medium-term upward trend could be triggered.

Medium-term Assessment

On-chain and technical signals are currently supporting a bullish trend. However, to make an investment decision, further considerations are needed:

1. Latest news about the NEAR ecosystem, especially regarding the deployment of new applications or strategic partners.

2. Overall market: The performance of Bitcoin and Ethereum may affect NEAR.

🌟 Investment Conclusion: NEAR has potential for short-term growth, but needs to break the resistance at $7.5 to confirm a positive medium-term trend.

✨ Stay calm and trade smart!