NEAR Protocol

Rise

<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2023/12/CkGuk6yu-e1703264254969.png" class="attachment-full size-full wp-post-image" alt="Near Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Near Protocol Price Prediction: Defying the current correction mode in the crypto market, the Near Protocol(NEAR) coin has shown an <a href="https://coingape.com/near-protocol-surges-20-with-long-positions-dominant/">upright recovery</a> registering a 44% weekly gain. Amid this rally, the buyers gave a decisive breakout from two crucial levels, offering buyers a suitable launchpad to further fuel this growth. Can NEAR price hit $5 if general market sentiment turns bullish again? 
Also Read: <a href="https://coingape.com/markets/top-altcoins-to-buy-on-december-20-near-dia-avax/">Top Altcoins To Buy On December 20: NEAR, DIA, AVAX</a> 
<h2 id="b-near-price-hints-minor-pullback-before-the-next-jump-b">NEAR Price Hints Minor Pullback Before the Next Jump</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">As per dow theory, the NEAR price breakout from $2.76 hints at an early signal of trend reversal.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">A steep trendline offers dynamic support amid occasional pullbacks</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in NEAR is $734.6 Billion, indicating a 15% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/c/CkGuk6yu.png" alt="Near Protocol Price Prediction" width="1946" height="893">
 <figcaption class="wp-caption-text">
 Near Protocol Price Prediction| Tradingview
 </figcaption>
</figure> 
The <a href="https://coingape.com/price/near-protocol/">Near Protocol price</a> an aggressive recovery mode in late October when the price bounced back from the $0.971 mark. Initiated from general bullish sentiment and notable partnerships in early November, this altcoin surged around 291% to hit a 15th-month high of $3.625. 
Amid this rally, the coin price breached the last swing high of $2.76, which changed the Dow theory for a downtrend. This breakout last lower high formation would signal a turn in market sentiment as prices lean towards the formation of a new higher. 
<blockquote>
 By the press time, the NEAR price trades at $3.394, and with an intraday loss of $4.3, it is trying to hold above the recently reclaimed $3.43 level. In case, the price managed to hold this level, the buyers could drive the coin to the next significant resistance at $5.2.
</blockquote> 
On a contrary note, a break below $3.43 would trigger a new correction of 17.75% to retest the combined support of $2.76 and ascending trendline. 
<h2 id="b-near-protocol-witnesses-a-dramatic-rise-in-open-interest-b">NEAR Protocol Witnesses a Dramatic Rise in Open Interest</h2> 
<figure id="attachment_170811" aria-describedby="caption-attachment-170811" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-170811 size-full" src="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-22_22-19-16.png" alt="NEAR Futures Open Interest (USD)" width="1681" height="502" srcset="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-22_22-19-16.png 1681w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-22_22-19-16-300x90.png 300w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-22_22-19-16-1224x366.png 1224w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-22_22-19-16-768x229.png 768w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-22_22-19-16-1536x459.png 1536w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-22_22-19-16-150x45.png 150w" sizes="(max-width: 1681px) 100vw, 1681px">
 <figcaption id="caption-attachment-170811" class="wp-caption-text">
 NEAR Futures Open Interest (USD)| Coinglass
 </figcaption>
</figure> 
The open interest in NEAR Protocol futures has seen remarkable growth, underscoring a surge in market dynamics and escalating investor interest. Insights from CoinGlass indicate a significant climb from the December 16th low of $84.4 million to a peak of $166.25 million, a figure last seen in August 2022. This substantial increase in open interest, coupled with the NEAR price rally, signals a bolstered investor confidence and an intensified focus on this specific digital currency 
<ul> 
 <li aria-level="1">Exponential Moving Average (EMA): The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> has acted as strong pullback support for over two months.</li> 
 <li aria-level="1">Average Direction Trend: The ADX slope at a high of 35% hints the buyers may soon tire out and would need a pullback to revive buying momentum.</li> 
</ul> 
The post <a href="https://coingape.com/markets/near-protocol-price-prediction-eyes-5-amidst-open-interest-boom/">Near Protocol Price Prediction as Recovery Eyes $5 Milestone Amidst Open Interest Boom</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Near Protocol Price Prediction as Recovery Eyes $5 Milestone Amidst Open Interest Boom

Table of Contents

Coingape News Media

Other articles published on Dec 22, 2023

Solana’s Remarkable Comeback: Overtaking BNB and Surprising Analyst Comments

Shiba Inu Price Swings: Will It Jump 40% by Year-End?

Argentina Embraces Bitcoin: Contracts Now Tradable in Cryptos

Bitcoin Price Surged in 2023 Amid Speculations: What Comes Next?

Bitfinex Market Analysts Predict $3.2 Trillion Crypto Market Capitalization – Here’s More

Binance on High Alert: Massive Breach and Sale of Personal Data!

Join our free newsletter for daily crypto updates!