NEAR token is recovering steadily from its lows but here’s the caveat

ambcrypto.com:

NEAR has been one of the best performing tokens at a time when the rest of the market was in a humdrum. It began recovering from the end of February and has been steadily rising since.

It isn’t as if there hasn’t been any red day. NEAR has rather moved in a steady higher high, higher low manner, distinctly representing market conviction. Rising by 21% over the past two days, NEAR has flipped both Litecoin and Dai in terms of market cap.

Currently, trading at a close to $16, NEAR has crossed several crucial hurdles in its way. After strongly breaching the 50 and 200 DMA around 20 March, it rallied and tore through the $13-14 region which has been a historical level of support/resistance (marked in blue). Furthermore, in the past two days, it has shown conviction above both of those.

NEAR/USDT | Source: Tradingview

Also, considering the fact that RSI is still below 70 on the daily chart, a further upward move may be seen from hereon until it reaches the overbought zone. Some profit booking at those levels shouldn’t affect the broader structure. And, it is, in fact, expected to continue soon after the cooldown period. The next logical resistance level after this would be the ATH around $20.5.

On-chain metrics for the coin have been positive, albeit of a mild nature. Nothing to suggest an immediate run-up like the way some other altcoins are right now. For instance, on-chain volumes have been steadily increasing along with the price recovery. A recovery supported by volumes as a rule of thumb bodes well for the price action.

Volumes | Source: Santiment

Development activity for NEAR has been moderate too. It fell from its highs in early February 2022 but since then has managed to keep the status quo and continue at a steady pace.

Sou