Is It Too Late to Buy Near Protocol? NEAR Price Blasts Up 5% and Viral Project Launchpad Uses AI to Find the Next 100x Crypto
Layer-1 blockchain project Near Protocol (NEAR) has jumped up +8% so far this week, amid an emerging bounce that could see NEAR reclaim position atop the 20DMA.
This comes following almost four-months of bleak downside price action for NEAR, which has bled-out half its value (-50%) since April 19.
But while price has been sliding, NEAR protocol has been building, with the project continuing to push frontiers with Java-based smart contract programming.
Recently, leading DeFi aggregator DeFiance ranked NEAR as the #4 most secured network.
And in testament to the continual push to build, despite the price decline in NEAR since 2022, the developer and contributor community has continued to hold strong.
Amid the mounting recovery, NEAR remains low in the narrowing trading channel, with NEAR trading at a market price of $1.18 (a 24-hour change of +0.68%).
This comes after price fell-away from the descendant 20DMA on August 15, in a tumultuous -25% tumble.
Now pushing back up, the 20DMA forms a key target for NEAR at $1.30, however, it is notable that the 20DMA is situated immediately above a historic support level at $1.25.
Given the tough area of resistance around the 20DMA since July 24, it seems likely $1.25 will form a foothold for NEAR to test resistance in the event of an upside move.
Indeed, Near Protocol's indicators support this view, with the RSI showing bullish divergence at 36.30 (a significant oversold signal).
While the MACD showcases only minor bearish divergence at -0.010.
Overall, NEAR is facing a tight range on the short-time frame with an upside target at $1.31 (a possible +11.6% move), and downside risk limited to the recently established price level at $1.10 (a potential -6.22% move).
This leaves Near Protocol with a
Read more on cryptonews.com
