See More

Near Protocol (NEAR) Market Cap Nears Yearly Highs: Price Reacts

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • NEAR's market capitalization is nearing an all-time high, reflecting significant interest and investment.
  • A strong upward trend indicates bullish momentum, but the $9 billion mark presents noticeable resistance due to repeated selling pressure.
  • NEAR's price remains above the Ichimoku Cloud, indicating sustained bullish momentum and a positive market outlook.
  • promo

The market cap of NEAR is approaching its yearly high, reflecting significant interest and investment in the token.

A noticeable resistance zone exists around the $9 billion mark, which has been tested multiple times, suggesting strong selling pressure at this level.

NEAR Protocol Market Cap Analysis

The market cap of NEAR is approaching the key resistance of $9 Billion, which was hit in mid-March. This indicates significant interest and investment in the token. The chart illustrates a strong upward trend, which suggests bullish momentum.

NEAR Market Capitalization: TradingView
NEAR Market Capitalization. Source: TradingView

There is a noticeable resistance zone around the $9 Billion mark. This area has been tested multiple times, which also indicates strong selling pressure.

Near Is Trading Above the 1D Ichimoku Cloud and Tenkan

The price action is currently above the Ichimoku Cloud and the Tenkan Line (in Red), suggesting a bullish trend. Conversely, the cloud itself is green, which reinforces the bullish outlook.

Near Price Action: TradingView
Near Price Action. Source: TradingView

NEAR Price Action Sustains Above 4-Hour Ichimoku Cloud

Similarly to the daily timeframe, the price action remains above the Ichimoku Cloud, indicating sustained bullish momentum.

Key mid-term support levels are $7.5 (0.5 Fibonacci retracement) and $7.3 (0.618 Fibonacci retracement), which have provided strong support in recent price action. Immediate resistance is observed at $8 (0.236 Fibonacci retracement).

furthermore, the RSI (4H) is currently above 50, suggesting a neutral sentiment. Historically, the 50 level has acted as major support, which could indicate a potential rebound to 70.

NEAR Price & RSI (4H/1D): TradingView
NEAR Price & RSI (4H/1D). Source: TradingView

This technical analysis of NEAR Protocol (NEAR) suggests a bullish outlook in the daily and 4-hour timeframes. The market cap is approaching an all-time high, indicating strong market interest.

Key support levels to watch are around $7.5 and $7.3, while resistance is prominent at $8 and $8.5.

Strategic Recommendations and Price Prediction

Bullish to Neutral: Price could reach back to $8 in the Mid-Term: Given the strong Bitcoin upward trend and market interest, the price could revert to bullish again and reach $8.4 in the mid-term.

The price trading above the Tenkan line daily suggests a reduced risk of a strong downward movement in short to mid-term.

Additionally, if the price drops to $7.2, it could shift market sentiment to bearish.

Top crypto projects in the US | June 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

BeIn-Adam.png
Adam Mourad
Adam, 23, is a full-time on-chain analyst and part-time trader in the Web3 space. He is the founder and CEO of 0nchained, an on-chain data reporting service. Adam started his journey with CryptoQuant, where he still works as an analyst. Over the past year, he has developed over 30 indicators and written more than 120 analyses. His passions include data and analytics, cryptocurrency, and supercars, particularly red Ferraris and yellow Porsche GT3s. His professional achievements are...
READ FULL BIO
Sponsored
Sponsored