Recently, the market value of the layer-one blockchain NEAR Protocol (NEAR) has increased significantly. This spike suggests that there may be more gains ahead as long as the asset maintains its positive trend. Bullish attitude has been reinforced by a widespread increase in the cryptocurrency sector, indicating a promising future for the market.
Price Increases for NEAR Protocol During Market Rally
The price of NEAR Protocol has increased by 6% in the last week due to a general market gain. Recently, Bitcoin broke above $63,000, indicating a return to bullishness in the cryptocurrency market. Ethereum, meanwhile, has remained stable over $2,500, adding to the current upward trend.
In the last day, there has been a significant rise in the price of NEAR of 3.66%, making it worth $4.53. During this time, the cryptocurrency witnessed lows of $4.29 and highs of $4.56, indicating a tumultuous day of trading.
The layer 1 coin’s price chart indicates that it fell as low as $4.37 earlier today but has subsequently increased gradually to its current position. As of this writing, prices had recovered from the afternoon low, indicating that investors are still very confident in NEAR’s near-term prospects.
NEAR Protocol’s daily technical indicators display a positive trend. Bullish signs are displayed by the Moving Average Convergence Divergence (MACD). With the bars on the histogram changing from red to green, indicating an increase in positive momentum, the MACD line (blue) has recently crossed above the signal line (orange), indicating a possible bullish trend.
Data from Coinglass indicates that there have been conflicting developments lately in the NEAR Protocol derivatives market. With a 42.81% decline, the trading volume is at $260.77 million.
The open interest has slightly increased by 0.38% to total $191.38 million despite this notable decline in volume. This disparity points to a nuanced market attitude in which traders can be wary in the face of volatile trading volumes.
The current improvement in market confidence may spur additional gains. As the stock approaches a crucial $5 milestone, investors are keeping a careful eye on it. This upward trend could pave the way for a rise to $7. The stock could potentially hit $10 in the near future if the bullish trend keeps up.
