The crypto market started the new week with another bullish move as the leading digital asset Bitcoin surpassed the $72,000 barrier to achieve a fresh All-time High. On the other hand, the ripple also boosted the altcoin for a prolonged recovery, including the Near Protocol coin. With a 17.24% intraday surge, the NEAR price breached the neckline resistance of the rounding bottom pattern, paving the way for a further recovery rally.
Near Protocol Price is getting closer to $10
NEAR Protocol (NEAR) is a decentralized application platform designed to offer high-speed transaction processing and low transaction fees. It distinguishes itself with its unique sharding technology, Nightshade, aiming to achieve scalability and usability without compromising security. Meanwhile, NEAR, the native cryptocurrency of this ecosystem, has observed a robust rise since early February when the price rebounded from $2.68. The bullish upswing propelled the altcoin 157% within five weeks, currently trading at $6.6.
According to Coinglass data, the open interest value for NEAR Protocol has experienced a similar surge, leaping from $95.86 million to $296.5 million since February’s second week. Moreover, this marks a growth of about 209.3%, signaling a substantial boost in investor confidence and heightened interest in the cryptocurrency.
NEAR Price Analysis
An analysis of the daily time frame chart reveals the formation of a well-known bullish reversal pattern called the rounding bottom.
With an extended bullish candle, the NEAR coin price provides a conclusive breakout from the $6.12 neckline resistance of the rounding bottom pattern. This pattern is recognized by a gradual decline in prices followed by a period of stabilization and a gradual increase, indicating a slow and steady shift in market control from sellers to buyers, leading to a bullish market outlook. However, If the buyers manage to maintain this breakout, the Near protocol price should pursue the theoretical target of $11.2.
CEO Illia Polosukhin at Nvidia AI Conference
Layer-1 blockchain NEAR’s native token (NEAR) has nearly doubled since March 5 as the excitement surrounding Nvidia’s (NVDA) upcoming annual conference continues to propel AI-related tokens upward.
Near Protocol co-founder and CEO Illia Polosukhin will be on a panel at the conference titled “Transforming AI” and will be hosted by Nvidia’s founder and CEO Jensen Huang. His attendance and the imminent release of Near Tasks, an artificial intelligence (AI) facet of the business, has sparked discussions about whether NEAR will collaborate closely with Nvidia in the future. The company is the only crypto-related firm presenting at the main panel.
