The cryptocurrency market began the new week with a positive move, witnessing Bitcoin surpassing the $72,000 mark to establish a new All-Time High. Simultaneously,

Ripple contributed to the upward momentum in altcoins, including the Near Protocol coin.

The NEAR price experienced a notable intraday surge of 17.24%, breaking the neckline resistance of the rounding bottom pattern, indicating potential for a continued recovery rally.

The price of NEAR Protocol is inching closer to $10.

NEAR Protocol (NEAR) operates as a decentralized application platform, emphasizing high-speed transaction processing and low fees. Its distinctive feature is Nightshade, a sharding technology aimed at achieving scalability and

usability while maintaining security.

Meanwhile, the native cryptocurrency of this ecosystem, NEAR, has demonstrated substantial growth since early February, bouncing back from $2.68.

This bullish momentum propelled the alt-coin by 157% within five weeks, currently trading at $6.6.

Based on Coing-lass data, the open interest value for NEAR Protocol has similarly surged, jumping from $95.86 million to $296.5 million since the second week of February.

This represents a remarkable growth of about 209.3%, indicating a significant increase in investor confidence and heightened interest in the cryptocurrency.

NEAR Price Analysis

An examination of the daily time frame chart reveals the formation of a well-known bullish reversal pattern known as the rounding bottom.

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