NEAR Protocol is a blockchain focused on working with applications and smart contracts. It is similar to Ethereum and is fully compatible with it, but does not position itself as a competitor. Rather, both of these tools are good in their own way. NEAR supports ERC-20 tokens and the Solidity programming language. The Near Protocol (NEAR) price examination portrays an intricate picture, indicating diverse market sentiments, which showcases a blend of indicators that illustrates a nuanced view of NEAR’s short-term trajectory, however indicators tend towards a major bullish consolidation.
Shifting On-Chain Momentum
NEAR Protocol‘s market dynamics have shifted, as evidenced by the RSI declining to 66 from a previous 76 on March 27, marking its initial dip below 70 since November 23. The RSI, which aids in identifying overbought or oversold conditions, suggests a weakening in purchasing pressure as it retreats from formerly sustained high levels.
Though the current RSI value does not denote an oversold condition, the noticeable decrease in momentum could indicate an imminent period of consolidation for NEAR, underscoring a shift in market dynamics.
On the other hand, NEAR’s daily transaction count has rebounded, reaching a peak of 9.02 million on April 2nd, the highest since December 2023. This resurgence follows a period from March 12 to 20, where transaction activity and price exhibited minimal variation, indicating a phase of stability.
The resurgence in network activity, coupled with a modest increase in NEAR’s price from $5.96 to $6.44, implies a potential alignment of price with transaction volume, perhaps signaling the onset of a bullish trend, albeit tempered by the RSI indicator.
NEAR Price Prediction: A Consolidation is on the way?
NEAR’s price chart reveals a death cross within the Exponential Moving Average (EMA) lines, a bearish signal commonly indicating a shift from bullish to bearish sentiment. This pattern, characterized by a short-term EMA crossing below a longer-term line, suggests recent price declines may overshadow prior gains, hinting at the commencement of a downtrend.
Nevertheless, the close proximity of NEAR’s EMA lines, alongside the contrasting increase in transaction volumes and a dipping RSI, suggests a complex market sentiment favoring consolidation, supported by robust nearby support and resistance levels.
If NEAR’s price initiates an upward trajectory, surmounting immediate pressures, it could target the $8.0 mark. On the other hand, a breakdown below the $6.2 support level could witness the price retracting to as low as $5.6, indicating a delicate balance between potential gains and losses in the near term.
About NEAR Protocol
NEAR Protocol is an open-source protocol which allows users to create decentralized applications, and do it as quickly and conveniently as possible, without complex technical aspects. The resulting applications are fast and scalable, equipped with secure financial components, and resistant to centralized attacks.
NEAR is the native cryptocurrency of the blockchain of the same name. Used for delegated staking. The ICO was held in August 2020 and sold 120,000,000 tokens. Our experts studied the features of the NEAR platform and its native token to prepare an overview of their prospects and advantages. Moreover, the Protocol is actively developing, and the development team is constantly working to improve the functionality and security of the platform and coin.
