NEAR Protocol

bullish

Value

Bitcoin

Coin

<p><a href="https://www.thecoinrepublic.com/2024/09/10/bitcoin-and-near-protocol-soar-analysts-favor-dtx-exchange-as-the-real-100x-crypto/">NEAR Protocol</a>&nbsp;displayed strong potential for a breakout. NEAR price technical indicators like a symmetrical triangle formation pointed to a 40% surge. Could increased open interest, rising total value locked (TVL), and Bitcoin integration through smart contracts propel Near price to $7?</p> 
<h2 class="wp-block-heading" id="h-near-protocol-targets-7-as-traders-await-price-breakout"><strong>NEAR Protocol Targets $7 as Traders Await Price Breakout</strong></h2> 
<p>In NEAR`s price action, we can see a symmetrical triangle. This pattern is when the price makes an unusual move within converging lines of support and resistance. These bands acts as a squeeze, leading to a breakout.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="538" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-1024x538.png" alt="Source: Tradingview" class="wp-image-785621" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-1024x538.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-300x158.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-768x404.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-1536x807.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-150x79.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-696x366.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2-1068x561.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-2.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: Tradingview
 </figcaption>
</figure> 
<p>If NEAR breaks up from this triangle on the upside, it can initiate a price rally towards the $7 target. Yet, a descending move below $4.800 would be justification that the bullish pattern has ended, and the price could test the $3.500 support area in weakness.</p> 
<h2 class="wp-block-heading" id="h-near-protocol-enhances-bitcoin-integration"><strong>NEAR Protocol Enhances Bitcoin Integration</strong></h2> 
<p>In a recent tweet, NEAR Protocol highlighted it`s making huge strides with Bitcoin by using multiple versions of Bitcoin like wBTC, tgBTC, cbBTC, and kBTC, in addition to Bitcoin’s native.</p> 
<p>The platform has integrated smart contract capabilities around Bitcoin, allowing it to operate seamlessly within NEAR’s ecosystem while still leveraging Bitcoin’s base layer.</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="756" height="608" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-5-2.png" alt="Source: X" class="wp-image-785626" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-5-2.png 756w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-5-2-300x241.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-5-2-150x121.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-5-2-696x560.png 696w" sizes="(max-width: 756px) 100vw, 756px">
 <figcaption class="wp-element-caption">
  Source: X
 </figcaption>
</figure> 
<p>NEAR’s Chain Signatures technology enables the platform to abstract away the complexities of managing multiple Bitcoin versions, providing developers and users with a more flexible and integrated experience.</p> 
<p>NEAR Protocol is merging&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin’s (BTC)</a>&nbsp;decentralized security with the programmability of NEAR’s blockchain, positioning itself as a leader in improving Bitcoin’s utility within the broader crypto ecosystem.</p> 
<h2 class="wp-block-heading" id="h-open-interest-shows-rising-engagement"><strong>Open Interest Shows Rising Engagement</strong></h2> 
<p>A chart of the OI, shown in green bars, is steadily increasing as the indicator shows increasing activity within the derivatives market.</p> 
<p>An increase in OI signals that NEAR futures contracts are pulling more capital.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="355" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-1024x355.png" alt="Source: Coinglass" class="wp-image-785631" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-1024x355.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-300x104.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-768x266.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-1536x532.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-150x52.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-696x241.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3-1068x370.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-6-3.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure> 
<p>At the moment, NEAR Protocol’s open interest growth rose 4.8% in the past 24 hours. One take on the current surge in OI is simply the growing confidence in NEAR’s long-term potential</p> 
<h2 class="wp-block-heading" id="h-rising-total-value-locked-tvl-and-liquidity-trends"><strong>Rising Total Value Locked (TVL) and Liquidity Trends</strong></h2> 
<p>NEAR Protocol’s Total Value Locked (TVL) has risen to $242 million at the moment and stands at 34.44% higher than the numbers recorded back in early August.</p> 
<p>The presence of such big growth in TVL indicates that more capital in NEAR ecosystem. This shows a high market interest as more assets are staked, and they are invested.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="434" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3-1024x434.png" alt="Source: DefiLlama" class="wp-image-785636" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3-1024x434.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3-300x127.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3-768x325.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3-150x64.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3-696x295.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3-1068x452.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-7-3.png 1537w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: DefiLlama
 </figcaption>
</figure> 
<p>NEAR’s expansion of its ecosystem to launch the relaunched&nbsp;NEAR AI&nbsp;as well as completing its sharding roadmap (Nightshade 2.0) also added to the positive sentiment.</p> 
<p>With its next event coming up in Bangkok this November, this only adds to the excitement surrounding the forthcoming edition in Bangkok, along with our ever-increasing investor interest. At the same time, other blockchain players like Qubetics are joining the competition.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/10/21/near-protocol-price-surge-40-symmetrical-triangle-formation-hints-breakout/">NEAR Protocol Price Surge 40%: Symmetrical Triangle Formation Hints Breakout</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

NEAR Protocol Price Surge 40%: Symmetrical Triangle Formation Hints Breakout

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