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.
