Bitcoin

Opal

NEAR Protocol

Triggered by <a href="https://cryptodaily.co.uk/tag/regulation" rel="noopener noreferrer nofollow">regulatory</a> uncertainties and macroeconomic factors, the crypto market&#39;s week-on-week volatility has been the talk of the town. However, the current uplift, resembling a Santa Claus rally as the festive season nears, brings an air of optimism. Market pundits are closely watching the Bitcoin Spot ETF&#39;s potential approval and the Federal Reserve&#39;s dovish approach. The anticipation is also building around the upcoming release of the Q3 GDP Growth Annualized report which is predicted to mirror Q2’s 5.2% growth, offering valuable insights into the US economy&#39;s health. The week ahead is packed with pivotal data releases: initial jobless claims and the Philadelphia Fed manufacturing survey will both provide a deeper understanding of the economic landscape. The last but not least is November&#39;s Core Personal Consumption Expenditures (PCE) report expected to show a decline to 3.2%, potentially signaling shifts in consumer behavior and inflation patterns.In this fast-evolving scenario, <a href="https://cryptodaily.co.uk/tag/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> recently stabilized near $43,000, marking an impressive 18% gain over the past month, while <a href="https://cryptodaily.co.uk/tag/ethereum" rel="noopener noreferrer nofollow">Ethereum</a> is holding strong above $2,200. Echoing this broader market trend, NEAR Protocol (NEAR) has seen an over 11% rise, with its price hovering around $2.4. Optimism (OP) is not far behind, witnessing a more than 10% increase. This rally has buoyantly lifted the global crypto market cap by over 4% to $1.62 trillion. The crypto fear and greed index standing at 72 signals a dominant “greed” sentiment among investors.Amidst this bustling market, <a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;NEAROP" rel="noopener noreferrer nofollow">ScapesMania</a> (MANIA), a presale venture, is drawing attention, thanks to its blend of cutting-edge technology, a professional team, and an ambitious long-term vision, coupled with presale discounts and stage bonuses. The air of expectancy around MANIA adds a tantalizing layer to the already charged atmosphere, making it a project to watch in the future ripe with possibilities and uncertainties alike.ScapesMania: A Future Crypto TitanWhile some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project&#39;s appeal.<h2 id="header-0"><img src="https://academy-public.coinmarketcap.com/optimized-uploads/2d0ef3ff5ae24e10a1964da4306070c3.png" /></h2>Presale is Live Now - Join Now for a Chance to Benefit with MANIABacked by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.<a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;NEAROP" rel="noopener noreferrer nofollow">Presale is Live, Learn More About Major Benefits</a>NEAR Protocol (NEAR) Technical AnalysisCurrently positioned between the first support level at $2.074 and the first resistance level at $2.495, NEAR Protocol (NEAR) demonstrates relative stability and potential growth. With the Simple Moving Averages (SMA) for the 10 and 100-day periods hovering around $2.251 and $2.271, NEAR shows a consistent short-term trend.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bcb4e72b16f14200b101d34f3f690a7d.png" />Source: <a href="https://www.tradingview.com/chart/3rzIBxxK/?symbol&#61;BITSTAMP%3ANEARUSD" rel="noopener noreferrer nofollow">TradingView</a>The Relative Strength Index (RSI), sitting at 56.323, suggests a balanced market position without tipping towards overbought or oversold territories. The Stochastic %K at 77.35 might raise some eyebrows about short-term overbuying, while the low Average Directional Index (ADX) of 12.082 indicates a lack of a strong directional trend. Additionally, the Commodity Channel Index (CCI) at 68.9, the MACD level at 0.004 and the Momentum of 0.046 subtly hint at a bullish inclination in the near future.<h2 id="header-1">NEAR Protocol (NEAR) Bullish Indicators</h2>On the bullish side of things, NEAR Protocol (NEAR) has several compelling factors working in its favor – the growing interest from developers and the high adaptability of its WebAssembly-based smart contracts suggest a bright future for the network&#39;s utility and value. Also, the push for improved interoperability <a href="https://cryptodaily.co.uk/2023/12/could-near-protocol-near-and-monero-xmr-market-moves-signal-a-shift-in-crypto-fortunes" rel="noopener noreferrer nofollow">through integrations</a> with networks like Polygon is supposed to enhance the appeal and value of NEAR, while its ongoing funding initiatives and significant partnerships, like those with Amazon Web Services, signal strong industry confidence and steady adoption growth. Moreover, consistent upgrades focused on scaling and performance keep NEAR Protocol (NEAR) competitive and responsive to market demands.As NEAR aims for higher price points, the resistance levels at $2.729 and $3.15 become critical milestones. Breaking past these barriers could solidify its upward trajectory, especially as the crypto world <a href="https://cryptodaily.co.uk/2023/12/top-cryptos-that-could-show-surprising-growth-this-week" rel="noopener noreferrer nofollow">anticipates a surge in activity</a> with the &#34;halving mania&#34; starting from Q2 2024.<h2 id="header-2">NEAR Protocol (NEAR) Bearish Indicators</h2>However, it&#39;s crucial to stay grounded and consider the bearish possibilities: market downturns, unexpected technical issues or developmental roadblocks could push NEAR towards its lower support levels at $1.887 and S3 at $1.466, serving as safety nets in case of a price decline. The protocol&#39;s on-chain activity metrics, including transaction volume and wallet growth, are key indicators to watch for signs of a potential downturn. Despite the strong developer base of over 2,000 contributing to the value and utility of NEAR Protocol (NEAR), any negative shifts in these areas could hint at a bearish phase.Optimism (OP) Technical AnalysisRight now, Optimism (OP) is oscillating between its first support level at $1.83 and first resistance level at $2.416, hinting at a <a href="https://cryptodaily.co.uk/2023/12/discover-3-best-emerging-cryptos-in-december-2023" rel="noopener noreferrer nofollow">delicate balance</a> between bullish and bearish sentiments. The SMAs, with the 10-day average at $2.142 and the 100-day average at $2.056, suggest a slight bullish inclination in the short term.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a89f338e71204fe98b27e0bf039b1499.png" />Source: <a href="https://www.tradingview.com/chart/3rzIBxxK/?symbol&#61;COINBASE%3AOPUSD" rel="noopener noreferrer nofollow">TradingView</a>The RSI at 55.845 points towards a neither overbought, nor oversold condition, leaving room for varied market interpretations. Moreover, the Stochastic %K value of 80.492 is nearing overbought territory, which could indicate a possible price pullback. However, the low ADX value of 12.905 suggests a lack of strong trend, and the CCI at 83.17 supports the notion of a bullish trend, albeit not excessively strong. The MACD at 0.005 and Momentum at 0.112 further imply a potential for continued upward movement, albeit with caution.<h2 id="header-3">Optimism (OP) Bullish Indicators</h2>In a bullish scenario, the recent struggle of OP to maintain its upward trajectory, as <a href="https://x.com/ali_charts/status/1736111610626797693?s&#61;20" rel="noopener noreferrer nofollow">noted</a> by analyst Ali Martinez, could be short-lived. The critical range between $2.17 and $2.3, identified as a significant accumulation zone by roughly 27,000 addresses, may serve as a springboard for a potential breakout. A sustained close above this zone could be a harbinger of a bullish rally, possibly propelling Optimism (OP) towards the $2.749 mark. The <a href="https://twitter.com/bitbank_inc/status/1734077425871737203?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1734077425871737203%7Ctwgr%5Ed15cad6ae235506385d1645e536d75b3fa73d3b9%7Ctwcon%5Es1_c10&amp;ref_url&#61;https%3A%2F%2Fwww.tradingview.com%2Fsymbols%2FOPUSD%2F" rel="noopener noreferrer nofollow">recent listing</a> of OP on Bitbank adds to the optimistic outlook, potentially attracting more investors, increasing trading volume, and even pushing the price to hit the $3.335 ceiling.<h2 id="header-4">Optimism (OP) Bearish Indicators</h2>Conversely, the bearish scenario takes into account the upcoming significant <a href="https://token.unlocks.app/optimism" rel="noopener noreferrer nofollow">token unlock</a> on December 30, which will release $56 million worth of Optimism (OP) into circulation. This event could exert downward pressure on the price, especially if the market perceives it as an increase in sell-side pressure. If OP fails to maintain its foothold above $1.83, it might retreat towards its lower support levels at $1.577 and $0.991. The technical indicators, while slightly leaning towards a bullish outlook, do not rule out the possibility of a downturn, especially given the market&#39;s sensitivity to such unlock events.Closing ThoughtsThe cryptocurrency market is currently riding a wave of cautious optimism, fueled by a mix of macroeconomic factors and specific developments: the potential approval of Bitcoin spot ETFs and the Fed&#39;s dovish stance are playing a significant role in shaping investor sentiment, as the market eagerly awaits the release of key economic reports like the Q3 GDP Growth Annualized report and November&#39;s Core PCE. In this context, leading cryptocurrencies like Bitcoin and Ethereum have shown resilience, while altcoins such as NEAR Protocol (NEAR) and Optimism (OP) are mirroring this positive momentum. Their respective technical analyses indicate a cautious yet hopeful outlook, so investors remain vigilant, balancing their optimism with an awareness of potential bearish scenarios, for example, the significant token unlock for OP.Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.RELATED TOPICS: <a href="https://cryptodaily.co.uk/tag/altcoins" rel="noopener noreferrer nofollow">#ALTCOINS</a> <a href="https://cryptodaily.co.uk/tag/breaking-news" rel="noopener noreferrer nofollow">#BREAKING NEWS</a> <a href="https://cryptodaily.co.uk/tag/spotlight" rel="noopener noreferrer nofollow">#SPOTLIGHT</a>

NEAR Protocol (NEAR) Vs. Optimism (OP): Who Will Hit $3 First By Year-End?

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