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
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.
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
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