Altcoins
Near Protocol (NEAR) Poised to Breakout: Analyst Eyes $11 Target
Near Protocol (NEAR) is facing immense selling pressure, thus going through a tough time. Altcoins are seeing their gains dwindle as the broader crypto market is held in the grip of bearish sentiment, with no exceptions. The latest wave of Bitcoin sell-off attacked crucial levels for BTC, as the value swung towards the critical $65,000 level.
As such, many market analysts in the space believe that Bitcoin could see a rebound from this support level, which could trigger bullish price action for altcoins in general and NEAR in particular. Although the cryptocurrency is currently in trouble, market onlookers would still not dismiss NEAR’s future price action to bet on a significant rise in the token.
The token has fallen 16% over the past week. Over the past 30 days, it has fallen sharply by 20%, reflecting the prevailing downtrends. Still, with an Ethereum ETF listing seemingly imminent, this could be a boon for the space. As was the case after the listing of the Bitcoin ETF, historical precedent would indicate that the price could rise significantly.
At the time of writing, the token’s price stands at $5.63, with a 24-hour trading volume of $482.81 million and a market capitalization of $6.08 billion. The token’s price declined by 5.61% over the past 24 hours, reflecting continued market challenges.
But while the market eagerly awaits this to happen, all eyes are still on the Bitcoin recovery and the upcoming Ethereum ETF listing, which may prove to be a deciding factor in which direction the stock could take. token price shortly.
Analyst eyes potential NEAR Protocol rally to $11.00
Despite the bearish market conditions, a well-known crypto analyst, Jonathan Carter, has Express a bullish outlook on the price trajectory of the NEAR protocol. Carter’s analysis suggests that NEAR’s current price is consolidating in a range and encountering strong support around the $5.75 mark, a level confirmed by the 50-day moving average (MA 50).
Carter believes that a break above this consolidation phase could potentially trigger a rally, pushing the price towards $11.00. This optimistic forecast is supported by the important support level established by NEAR, which could serve as a launching pad for future gains.
Added to all this is the favorable prognosis that the Changelly price prediction for the NEAR protocol gave a 13.15% increase to $6.71 by June 2024. Regarding the technical indicators presented by Changelly, there is a mixed sentiment in the market with around 33% indicator changes bearish-bullish. Meanwhile, the token’s Fear and Greed Index currently shows a score of 74, linked to a strong sense of greed.
Carter’s technical analysis, along with Changelly’s predictions, predict a bright future for the NEAR protocol. Despite the bearish trends across markets, traders and investors would still wait to witness the consolidation breakout to confirm the above dynamics. The price is currently consolidating within a very narrow range that could propel it towards significant gains.
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