NEAR Protocol

2024

Value

World

<p>The Layer-1 blockchain network <strong>NEAR Protocol </strong>(NEAR) price hovered near the 20-day EMA mark and stayed flat in the intraday session. Amidst the bearishness in the market, the token price secured the $4 mark and stayed above it.</p> 
<p>Traded close to its <strong>downward-sloping trendline</strong> mark of $5, the token is on the verge of registering a massive up move and could blast the gains ahead.&nbsp;</p> 
<p>This week, the token made a <strong>double bottom pattern</strong> around the $4 mark and recovered over 20%, displaying buyer accumulation. Amidst the uncertainty in the market, the NEAR token was cooking something bigger and set for a breakout ahead.</p> 
<p>Once it decisively closes above the $5 mark, a short covering move would lead the token towards its 100-day EMA mark near $5.80, followed by $6 soon.</p> 
<h2 class="wp-block-heading" id="h-near-price-at-press-time"><strong>NEAR Price at Press Time</strong></h2> 
<p>At press time, the NEAR Protocol was trading at $4.78 with an intraday drop of 0.36%, reflecting <strong>neutrality </strong>on the charts. It was ranked at 34 and has a total supply of 1 billion.</p> 
<p>When writing, the pair of NEAR/BTC was at 0.0000835 BTC, and the market cap was $2.90 Billion. Analysts were neutral and suggested that the <strong>NEAR price</strong> might register a breakout and reach the $6 mark soon.</p> 
<h2 class="wp-block-heading" id="h-near-anticipates-a-breakout-can-bulls-succeed"><strong>NEAR Anticipates a Breakout: Can Bulls Succeed?</strong></h2> 
<p>On the daily charts, <strong><a href="https://www.thecoinrepublic.com/2024/06/26/near-protocol-gains-strength-is-a-bullish-reversal-on-the-horizon/">NEAR Protocol</a></strong> has persisted in forming the lower low swings and has retained the 20-day EMA mark. Meanwhile, it was on the verge of a trendline breakout and might soon cross the $5 mark.</p> 
<p>Still, the sellers have secured their grip hard near the $5 mark, and the bulls anticipated a much-needed breakout.</p> 
<p>Regarding the downside risk, the $4 mark was the strongest support zone for the bulls to halt there. If bears breach this trajectory, a free fall could be seen at $2.70.<br></p> <iframe loading="lazy" title="Santiment Chart: Price (NEAR), Volume (NEAR)" width="800" height="425" src="https://embed.santiment.net/chart?ps=shiba-inu&amp;pt=SHIB&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bnear-protocol%3BNEAR%5D%3B%5B1%3Bvolume_usd%3Bnear-protocol%3BNEAR%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The RSI showed a <strong>positive divergence </strong>and suggests a possible up move ahead; the MACD indicator tells the same while displaying a bullish crossover, revealing the buying pressure on the chart.</p> 
<p>However, the on-chain data still favored the bear cartel, and indecisiveness was noted.</p> 
<h2 class="wp-block-heading" id="h-price-volatility-sees-a-decline"><strong>Price Volatility Sees a Decline</strong></h2> 
<p>Despite the intraday flat moves, the price volatility curve dragged over 23% to 0.013, conveying a decline in investor participation and low-volume activity.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (NEAR), Development Activity (NEAR)" width="800" height="425" src="https://embed.santiment.net/chart?ps=shiba-inu&amp;pt=SHIB&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bnear-protocol%3BNEAR%5D%3B%5B1%3Bdev_activity%3Bnear-protocol%3BNEAR%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Its development activity data stayed flat near the midline region, noted at 182, signifying no significant growth in the ecosystem for the past few weeks.</p> 
<p>Crypto Analyst @Worldofcharts in his tweet said that, NEAR token has made a falling wedge pattern and could see a major breakout ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24Near&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Near</a><br><br>Formed Falling Wedge In H12 Timeframe Expecting Breakout Soon After Breakout Expecting Bullish Continuation <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Near?src=hash&amp;ref_src=twsrc%5Etfw">#Near</a> <a href="https://t.co/xLhg3nQiTG">pic.twitter.com/xLhg3nQiTG</a></p>— World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1811413605226856553?ref_src=twsrc%5Etfw">July 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-what-does-near-protocol-social-parameters-say"><strong>What Does NEAR Protocol Social Parameters Say?</strong></h2> 
<p>This week, the social dominance curve noted an interesting up move, establishing a rise of over 6% to 0.034% in the last 24 hours.</p> <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (NEAR), Social Dominance (NEAR)" width="800" height="425" src="https://embed.santiment.net/chart?ps=shiba-inu&amp;pt=SHIB&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Btotal_open_interest%3Bnear-protocol%3BNEAR%5D%3B%5B1%3Bsocial_dominance_total%3Bnear-protocol%3BNEAR%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Meanwhile, the open interest data witnessed a decline of over 1.27% to $156.15 Million, reflecting the short-covering move in the past 24 hours.</p> 
<h2 class="wp-block-heading" id="h-total-value-locked-tvl-outlook"><strong>Total Value Locked (TVL) Outlook</strong></h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeVhJpxb9j3zuO9Z0MgajNoX_82otNFdktq3M08qqxeRvxjW-UvHYVT5L5MtB9HX7FcaO3_ton3p2_lf0g4r_jHm9jpVnZU3SjPiAyvo5mEg-iv3Ut8uplXsIwjo23CecpF6ibWqGPjguUNXNfinh0IaDI-?key=zuMhWIdHXfb1M-PY9KpPtQ" alt="NEAR">
 <figcaption class="wp-element-caption">
  TVL Data&nbsp; Source: DefiLlama&nbsp;
 </figcaption>
</figure> 
<p>The NEAR Protocol has a total value locked (TVL) of around $232 Million, and a change of over 2.62% in the last 24 hours was noted.</p> 
<h2 class="wp-block-heading" id="h-oi-weighted-funding-rate"><strong>OI Weighted Funding Rate</strong></h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXf28ySIn1Ipen3B0P2WwsfaXuiAefConVCGg43NeUtIefMh4eaHAksA5irViOZoJN3O_aSZTs1l989whzGcyJKQAV2aLQ1zrl7OOgdKeVbfu3Xn_CnQWukPa1TIftZrs2OImhL4LnMDKKOMfpICpnX1oxU?key=zuMhWIdHXfb1M-PY9KpPtQ" alt="NEAR">
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure> 
<p>The positive value of the funding rate suggest the buyer interest remain high and a positive shift in the token price could seen ahead.</p> 
<p>The immediate support levels for the <strong>NEAR token</strong> are $4.20&nbsp; and $4, whereas the key upside hurdle is around $5, followed by $5.40</p> 
<h2 class="wp-block-heading" id="h-all-in-all"><strong>All in All</strong></h2> 
<p>The <strong>NEAR token price </strong>retested the 20-day EMA mark and has approached the trendline resistance mark of $5. If the token crosses the hurdle, a much-awaited breakout can seen.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/12/near-price-forming-double-bottom-can-it-escape-the-5-hurdle/">NEAR Price Forming Double Bottom: Can It Escape the $5 Hurdle</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

NEAR Price Forming Double Bottom: Can It Escape the $5 Hurdle

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