Price Analysis

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

Near Protocol Price Prediction: The Near price could see a minor pullback to recuperate the exhausted bullish momentum
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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

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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.
Near Protocol Price Prediction| Tradingview

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.

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NEAR Protocol Witnesses a Dramatic Rise in Open Interest

NEAR Futures Open Interest (USD)| Coinglass

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.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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