NEAR Protocol (NEAR) has climbed over 12.53% in a day and entered the $4 zone.
The crypto market has shifted toward a bullish trend, witnessing a 10.29% increase in global market cap over the past week.
Over the last week, the cryptocurrency market has shifted towards a bullish trend, with the global market cap rising by 10.29%. Among the beneficiaries of this rally is NEAR Protocol (NEAR), a leading layer-one blockchain that has recorded a notable 23% increase in its price in the past week.
The positive sentiment has been largely fueled by Bitcoinâs surge past the $64,000 zone, sparking optimism across the crypto space. In just 24 hours, NEARâs price jumped over 12.53%, rising from a low of $4.39 to a peak of $4.94. This upward movement positions in NEAR favorably for continued growth.
Recent insights from Santiment reveal a significant uptick in NEARâs development activities, reversing a previous downtrend. Increased development often correlates with price movements, and this recent activity bodes well for NEARâs future price trajectory.
Technical Indicators Signals Short-Term Optimism for NEAR Protocol
Today, NEAR dipped to $4.39 but has since rebounded in its short-term prospects. Current market indicators are also showcasing positive trends. The moving Average Convergence Divergence (MACD) is displaying bullish signs, with the MACD line crossing above the signal line. This shift indicates a potential upward trend, supported by a change in momentum from negative to positive.
NEAR Protocol (NEAR) Price Chart (Source: TradingView )
Additionally, NEARâs price is above both the 9-day and 21-day moving averages, further suggesting that the recent market optimism could lead to additional gains. According to the Near Protocol price prediction, the altcoin might aim for price targets of $5.20 and $6.43 if this trend continues.
However, if the breakout does not hold, NEAR could encounter local support around $3.66. Intense selling pressure could even push prices lower to the support level of $2.76.
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