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The original NEAR protocol token NEAR is attracting significant attention from market analysts, with a bullish ascending triangle pattern suggesting a potential breakout.
According to chart analysis by analyst VipRoseTr, NEAR is trading near a critical support level reinforced by its 50-day moving average (MA). This setup, along with growing adoption and high levels of activity, positions NEAR as one of the most promising projects in the blockchain space.
An ascending triangle signals bullish momentum
The price of NEAR/USDT is moving in an ascending triangle from which we can expect the continuation of the upward trend. This technical structure is a common indicator of subsequent price increases, reflecting increased buying interest.
The 50-day moving average is currently acting as support. A potential breakout from here suggests the trend is turning positive.
According to analysts, possible breakouts of $5.70, $7.00 and $8.40 are expected if the bulls prevail and take the price above the current range. The first is short-term high, while the other two indicate medium to long-term jumps.
At the time of writing, NEAR is valued at $5,132 with a 24-hour gain of 0.06%. The price traded in a range of $4,953 to $5,284, which means it has moderate intraday volatility.
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Moving averages and RSI
The 13-day moving average at $5,450 and the 49-day moving average at $5,835 are currently resistance levels. Using these metrics reveals the short- and medium-term trend as bearish because the price is below both moving averages. However, if prices break through these levels, it will open the way for a strong rebound.
The RSI reading is currently at 38.81 which is close to oversold levels signaling bearish pressure is losing strength. If the RSI falls below 30, it will confirm an oversold zone and also attract buyers and lead to a reversal.
On the bearish side, a breakout of the RSI below the 40 level could indicate an increase in bearish pressure and set the stage for another price decline.
Support and resistance levels define market dynamics for the NEAR protocol
The support area for the NEAR protocol is $5.00, which matches the current consolidation pattern. A break of this level may open the door to a retest of $4.50. This level is an important long-term support which, if broken, could cause further depreciation.
The bulls’ focus levels lie at $5,450 and $5,835, which may act as a barrier to further upside. If these are breached, NEAR can continue its upward movement which would support the potential formation of an ascending triangle.
Despite the recent correction, trading volume is still quite low, suggesting that market turnover has decreased. This can be seen as a lack of clear trends and a move to the buy or sell side of the market as traders wait for the next directional signal.
The general market sentiment remains poor. As evidenced by price trading below key moving averages, as well as the RSI near the oversold zone.
The NEAR protocol leads blockchain adoption in 2024
Along with technical standards, NEAR Protocol has become one of the most active blockchains. NEAR was reported to have averaged 2.7 million DAA in 2024 according to CryptoRank, a 766% increase from the previous year.
This performance positions it NEAR the leading group of the blockchain ecosystem with respect to the growing user base and integration of the ecosystem.
This growth is in line with NEAR’s ongoing work to strengthen scalability, reduce transaction fees and support decentralized applications (dApps). This is because NEAR focused on development solutions and communication between different chains, which led to the rapid growth of the project. This is evident from the number of daily active addresses it maintains, demonstrating EOS’s significant participation in the blockchain ecosystem.
Solana ranks second with 2.6 million DAAs, a 702% year-over-year increase attributed to its high-performance infrastructure and strong dApp ecosystem.
