NEAR Protocol (NEAR) is currently trading at $3.10. The price shows a 5.39 percent decline over the past 24 hours. The trading activity has been weak, and volume declined by 39.11% and is currently standing at $449.95 million. In the short run, the coin is under pressure since the momentum fades away.
Source: CoinMarketCap
NEAR has risen 8.91% over the past seven days. Weekly growth indicates the strength against volatility on a daily basis. The asset is still experiencing moderate growth as the investors keep checking the changes in the market.
Crypto analyst Alpha Crypto Signal highlighted that NEAR has moved out of its declining channel during the 4H timeframe. The breakout indicated the transition between bearish and bullish trends. The move was enabled by strong trading volume and conviction. Following the breakout, NEAR rallied in the area of $3.10-$3.20. The 9 EMA is now offering instant dynamic support for the price.
In the case of NEAR, this breakout zone has emerged as one of the pivotal points. The presence of bullish structure is held up by holding above it. The immediate target that analysts see is the continuation to the range of $3.40-$3.50. With further momentum, the price may go up to $3.80 or more. But falling down to the $3.00 mark would undermine the breakout structure.
Source: X
Additionally, another analyst, Alex Clay, mentioned a reverse head and shoulder formation under a significant area. Clay has established higher price targets in the event of a consolidated breakout. His projections include $4.60, $5.95, and $7.50. These are mere speculations, but they highlight the trust in the technical setup of NEAR.
Source: X
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The Relative Strength Index (RSI) is now at 67.76, which is slightly lower than the overbought level of 70. This reading suggests that buyers are still in charge of the market trend. Meanwhile, it also indicates that the asset is approaching overheated conditions, which also leaves it open to a potential slackening of momentum.
The Moving Average Convergence Divergence (MACD) also supports the bullish picture. The MACD line is at 0.130 and above the signal line at 0.070. Additionally, the histogram is positioned at 0.060 within the positive range. The combination of these numbers shows that the market is still dominated by bullish momentum.
Source: TradingView
NEAR demonstrates the combination of short-term weakness and medium-term growth. The declines in daily are burdening sentiment, yet powerful weekly gains continue to look bright. Technical indicators are also still favorable and show the persistence of purchasing power. The bullish case remains intact as long as the token is trading above the $3.00 level. Traders are monitoring keenly to confirm the next breakout.
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