- An increase in NEAR-related development indicates the potential of NEAR to surpass existing resistance levels.
- Trading in the NEAR has also been a major factor in its anticipated growth.
In the last week, market dynamics have been in favor of bullish traders. This is evidenced through a rise of 6.53%, which mirrors the overall trend. Near Protocol’s [NEAR] Daily performance gains
NEAR currently faces significant resistance, which is $4.662. This has slightly dampened NEAR’s 24-hour gains. NEAR is still well-positioned to continue on an upward path.
Increase in activity behinds NEAR rally
As per SantimentNEAR is experiencing a significant increase in its development activities following a downtrend. Market movements often reflect changes in the level of development.
A rising trend in the development of NEAR could indicate a possible increase in its price. Such activity is usually an indication that NEAR’s team has been addressing certain issues, or working to implement new innovations and significant advancements within its protocol.
Santiment
Although ongoing developments suggest a positive outlook for NEAR assets, there are other factors that may influence their rally.
NEAR is under pressure to sell at the resistance line
NEAR’s current trading pattern is a bullish triangular pattern. It suggests that an upward move will be imminent. The pattern is defined by an upper diagonal line of resistance, and a lower horizontal line.
NEAR, however, has now broken through this resistance pattern at $4.662 and is currently moving lower.
It is likely that NEAR’s momentum will return and the prices of $5.256 ($6.489), $7.709 and $8.520 are their targets.
Trading View
If this breakout turns out to be fake, NEAR could find its next support local at $4.304. A strong selling pressure may drive the price to the horizontal line of support or lower, to as low as $3.076.
Interest in NEAR remains elevated
Open Interest Metric from CoinglassNEAR’s price is set to increase further. It currently trades at $200.76 million, which is above the low point of $138.25 millions that it reached on September 17.
Not realistic or real, this is what you’ll find NEAR’s market cap in BTC’s Terms
This noticeable surge may indicate that buyers have been actively stockpiling NEAR to prepare for a further upward movement in price, and are aiming at even higher levels of trading.
Coinglass
The increase in open interest has been matched with a 56.52% rise in NEAR trading volume in the last 24 hours.
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Source: ambcrypto.com
