NEAR Protocol

Satoshi

bullish

Bitcoin

Since last weekend, the Near Protocol coin price has decreased from $5.94 to $5.11— a 13.9% fall. The supply pressure in the broader market following the Bitcoin reversal from $70000 bolsters such correction in altcoins. The falling NEAR price, backed by below-average volume, hints at a potential drop to $4 before a major reversal. Will rising Active addresses bolster an early turnaround?. 
Also Read: <a href="https://coingape.com/breaking-mt-gox-prepares-to-move-the-rest-of-80-5k-bitcoins-btc-under-pressure/">Breaking: Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure</a> 
<h2 id="b-near-protocol-price-eyes-major-breakout-as-active-addresses-surge-3348-28-b">NEAR Protocol Price Eyes Major Breakout as Active Addresses Surge 3348.28%</h2> 
Over the past four months, the Near protocol coin has showcased a sideways trend resonating within two parallel trendlines of the channel pattern. These trendlines act as major resistance and support for the NEAR coin, preventing a directional trend on either. 
The flattish 100D and 200D <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slopes accentuate a sideways trend. However, the assets trading below these EMAs indicate that the sellers hold an advantage in applying additional supply pressure from above. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/6/6Bq3DspV.png" alt="BINANCE:NEARUSDT Chart Image by sahilmahadik07" width="1946" height="893">
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 NEAR Protocol Price| Tradingview
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Despite the mid-July market recovery, the <a href="https://coingape.com/price/near-protocol/">Near protocol price</a> showcased a V-top reversal from $5.68. The bearish turnaround plunged the altcoin 21.5% to trade at $5.1, while the market cap fell to $5.67 Billion. 
With sustained selling, the coin price may plunge to 20% to hit $4 and seek support at the pattern’s lower trendline. Any further breakdown could accelerate the bearish momentum for a significant downfall. 
The number of active addresses on the NEAR Protocol network has been continuously growing since last year. According to data from The Block, this on-chain metric surged from 57.13k at the end of July 2023 to a current record of 1.97 million, registering an impressive 3348.28% growth.&nbsp; 
<iframe loading="lazy" title="Number of Active Addresses on NEAR (Daily, 7DMA)" src="https://www.theblock.co/data/scaling-solutions/non-evm-chains-stats/number-of-new-addresses-on-near-daily-7dma/embed" width="100%" height="420" frameborder="0"></iframe> 
This significant increase implies a growing user base and heightened network activity, which can positively impact NEAR Protocol’s ecosystem and potentially drive higher asset value. 
Also Read: <a href="https://coingape.com/bitcoin-news-coinshares-exec-identifies-key-hurdles-for-btc-strategic-reserve/">Bitcoin News: CoinShares Exec Unveils Major Hurdle For BTC Strategic R</a> 
According to a recent tweet by Satoshi Club, NEAR Protocol achieved a 42.0% increaseeserve in average daily active addresses in Q2 2024, reaching a new all-time high. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a rel="nofollow" href="https://twitter.com/NEARProtocol?ref_src=twsrc%5Etfw">@NEARProtocol</a> recorded a 42.0% increase in average daily active addresses in Q2 2024 – an ATH. <a rel="nofollow" href="https://t.co/2NsVAAq6sC">pic.twitter.com/2NsVAAq6sC</a> 
 — Satoshi Club (@esatoshiclub) <a rel="nofollow" href="https://twitter.com/esatoshiclub/status/1818240371086020826?ref_src=twsrc%5Etfw">July 30, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Thus, the Near Protocol price shows a high potential for a bullish reversal from $4. If the pattern identification is accurate, the coin price will be 50% up from its current price to challenge overhead resistance at $7.6. 
An upside breakout from the channel pattern will project a significant signal for uptrend continuation. 
The post <a href="https://coingape.com/markets/near-protocol-price-targets-8-as-active-addresses-hit-ath/">NEAR Protocol Price Targets $8 Comeback as Active Addresses Hit ATH</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

NEAR Protocol Price Targets $8 Comeback as Active Addresses Hit ATH

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