Near Protocol Price Prediction as Recovery Eyes $5 Milestone Amidst Open Interest Boom

Near Protocol Price Prediction: Defying the current correction mode in the crypto market, the Near Protocol(NEAR) coin has shown an upright recovery registering a 44% weekly gain. Amid this rally, the buyers gave a decisive breakout from two crucial levels, offering buyers a suitable launchpad to further fuel this growth. Can NEAR price hit $5 if general market sentiment turns bullish again?

Also Read: Top Altcoins To Buy On December 20: NEAR, DIA, AVAX

NEAR Price Hints Minor Pullback Before the Next Jump

• As per dow theory, the NEAR price breakout from $2.76 hints at an early signal of trend reversal. 
• A steep trendline offers dynamic support amid occasional pullbacks
• The intraday trading volume in NEAR is $734.6 Billion, indicating a 15% loss.

The Near Protocol price an aggressive recovery mode in late October when the price bounced back from the $0.971 mark. Initiated from general bullish sentiment and notable partnerships in early November, this altcoin surged around 291% to hit a 15th-month high of $3.625.

Amid this rally, the coin price breached the last swing high of $2.76, which changed the Dow theory for a downtrend. This breakout last lower high formation would signal a turn in market sentiment as prices lean towards the formation of a new higher.

By the press time, the NEAR price trades at $3.394, and with an intraday loss of $4.3, it is trying to hold above the recently reclaimed $3.43 level. In case, the price managed to hold this level, the buyers could drive the coin to the next significant resistance at $5.2.

On a contrary note, a break below $3.43 would trigger a new correction of 17.75% to retest the combined support of $2.76 and ascending trendline.

NEAR Protocol Witnesses a Dramatic Rise in Open Interest

The open interest in NEAR Protocol futures has seen remarkable growth, underscoring a surge in market dynamics and escalating investor interest. Insights from CoinGlass indicate a significant climb from the December 16th low of $84.4 million to a peak of $166.25 million, a figure last seen in August 2022. This substantial increase in open interest, coupled with the NEAR price rally, signals a bolstered investor confidence and an intensified focus on this specific digital currency

• Exponential Moving Average (EMA): The 20-day EMA has acted as strong pullback support for over two months.
• Average Direction Trend: The ADX slope at a high of 35% hints the buyers may soon tire out and would need a pullback to revive buying momentum.