NEAR Protocol Price Targets $8 Comeback as Active Addresses Hit ATH
Highlights
- The NEAR coin developing a continuation pattern amid rising active addresses indicates a major breakout in the near term.
- The $4 support coinciding with channel support and 100W EMA creates a high-demand zone.
- The intraday trading volume in NEAR is $164.5 billion, indicating a 32% loss.
Since last weekend, the Near Protocol coin price has decreased from $5.94 to $5.11— a 13.9% fall. The supply pressure in the broader market following the Bitcoin reversal from $70000 bolsters such correction in altcoins. The falling NEAR price, backed by below-average volume, hints at a potential drop to $4 before a major reversal. Will rising Active addresses bolster an early turnaround?.
Also Read: Breaking: Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure
NEAR Protocol Price Eyes Major Breakout as Active Addresses Surge 3348.28%
Over the past four months, the Near protocol coin has showcased a sideways trend resonating within two parallel trendlines of the channel pattern. These trendlines act as major resistance and support for the NEAR coin, preventing a directional trend on either.
The flattish 100D and 200D EMA slopes accentuate a sideways trend. However, the assets trading below these EMAs indicate that the sellers hold an advantage in applying additional supply pressure from above.
Despite the mid-July market recovery, the Near protocol price showcased a V-top reversal from $5.68. The bearish turnaround plunged the altcoin 21.5% to trade at $5.1, while the market cap fell to $5.67 Billion.
With sustained selling, the coin price may plunge to 20% to hit $4 and seek support at the pattern’s lower trendline. Any further breakdown could accelerate the bearish momentum for a significant downfall.
The number of active addresses on the NEAR Protocol network has been continuously growing since last year. According to data from The Block, this on-chain metric surged from 57.13k at the end of July 2023 to a current record of 1.97 million, registering an impressive 3348.28% growth.
This significant increase implies a growing user base and heightened network activity, which can positively impact NEAR Protocol’s ecosystem and potentially drive higher asset value.
Also Read: Bitcoin News: CoinShares Exec Unveils Major Hurdle For BTC Strategic R
According to a recent tweet by Satoshi Club, NEAR Protocol achieved a 42.0% increaseeserve in average daily active addresses in Q2 2024, reaching a new all-time high.
📈 @NEARProtocol recorded a 42.0% increase in average daily active addresses in Q2 2024 – an ATH. pic.twitter.com/2NsVAAq6sC
— Satoshi Club (@esatoshiclub) July 30, 2024
Thus, the Near Protocol price shows a high potential for a bullish reversal from $4. If the pattern identification is accurate, the coin price will be 50% up from its current price to challenge overhead resistance at $7.6.
An upside breakout from the channel pattern will project a significant signal for uptrend continuation.
Frequently Asked Questions (FAQs)
1. What is a V-Top reversal?
2. What are "active addresses" in the blockchain network?
3. What are on-chain metrics?
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
