NEAR Protocol (NEAR) had a breakout September with impressive growth, reaching a new high of $5,198, up more than 50% from the beginning of the month. This growth occurred in the context of the general crypto market showing signs of positive recovery. However, is this growth sustainable or is it just a pump and dump?
NEAR convincingly broke the key resistance level of $4,253 (Strong Low), confirming the strength of the uptrend.
Trading volume increases sharply during the bullish phase, indicating active participation of buyers and confirming the strength of the trend.
The RSI indicator is currently at high levels, indicating that the bullish momentum is strong. However, it is also worth noting that the RSI is approaching overbought territory, which could signal a possible short-term downside correction.
The general crypto market is showing signs of positive recovery, creating favorable conditions for NEAR to increase in price.
NEAR Protocol benefits from the growth of the DeFi and NFT ecosystem on its platform.
NEAR can benefit from positive news about the project, such as new product launches, strategic partnerships, or technology updates.
The sharp increase in NEAR's price could attract the attention of new investors, leading to a FOMO (Fear of Missing Out) effect and pushing the price higher.
Short-term: NEAR may correct lower in the short term to relieve overbought pressure. The $4,253 support zone could be an attractive buying point.
Medium-term: If NEAR holds the $4,253 support zone, the upside momentum could continue, targeting the next targets at $5.4 and $5.8.
Long Term: NEAR's long-term trend remains dependent on many factors, including project development, general market sentiment, and government regulations.
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