Near Protocol’s Price Surge Amidst Market CorrectionNear Protocol’s Price Surge Amidst Market Correction Despite a general bearish trend in the cryptocurrency market, Near Protocol has exhibited a contrasting bullish sentiment. With a 6% price increase and a significant trading volume, it stands out against the broader market decline. NEAR’s Technical Analysis Over the past five days, NEAR’s price has maintained a consistent uptrend. It has formed a descending triangle pattern and is currently testing its resistance trendline. A breakout above this trendline could indicate a potential price surge towards $6,225. Market Sentiment The Moving Average Convergence Divergence (MACD) and Simple Moving Average (SMA) indicators both point towards a bullish outlook for NEAR. The MACD histogram has been consistently rising, while the SMA crossover on the 1D time frame signals increasing bullish sentiment. Potential Price Targets If the market breaks out of the triangle pattern, NEAR’s price could reach $6,225. A sustained breakout beyond this level could pave the way for a surge towards $7,685 this month. Bearish Scenario However, if the bears regain strength, NEAR’s price could fall below the support trendline and experience further declines.
The cryptocurrency market continues to exhibit bearish price action by registering a 1.31% correction in its global valuation. Furthermore, top tokens such as Bitcoin and Ethereum continue to hover around their key support levels, highlighting uncertainty.
However, Near Protocol’s price has increased by over 6% against its portfolio with a trading volume of $343.367 million, a change of +79.17%. With the ongoing volatility in the crypto space, will NEAR’s price gain momentum and outperform the top altcoin this week?
Is NEAR Coin Price On The Verge Of A Major Breakout?
Despite a correction in the AI and Big Data category, Near Protocol price continues to experience a consistent uptrend by registering a positive price action for the 5th consecutive day. Notably, this altcoin added 17.42% to its portfolio this week, highlighting its increased bull power.
TradingView: NEAR/USDT
Moreover, NEAR price has formed a descending triangle pattern in the 1D time frame and has been trading in it since June. However, it is about to test its resistance trend line, the outcome of which is unpredictable.
With a trading price of $4.877, Near Protocol (NEAR) price has successfully secured the 18th position in the cryptocurrency list, with a market capitalization of $5.310 billion.
Market sentiment near protocol:
The Moving Average Convergence Divergence (MACD) has been consistently rising in the green histogram, indicating increased buying pressure within the crypto space. Moreover, the averages are registering bullish action, indicating a positive outlook for the AI token this week.
In contrast, the SMA indicator is showing a bullish crossover on the 1D time frame, indicating an increase in bullish sentiment for the NEAR price in the crypto world.
Will NEAR price reach $7.65 in July?
If the market breaks out of the triangle pattern resistance trendline, Near Protocol price will test its upper level of $6,225. Holding the price at that level will lay the foundation for NEAR crypto to move towards the $7,685 level this month.
Conversely, if the bears regain strength, the Near price will lose strength and dive towards the crucial supporting trend line.
