Near Protocol trades at $6 in mid-August, highest level since May
Token trades near $4.2 support amid latest drop
NEAR could turn bullish if it successfully recovers $4.2
Near Protocol NEAR/USD was trading at a monthly high above $6 in mid-August. The last time the coin hit such a high was in May. However, recent weakness forced the coin to return to the $4.0, slightly lower or $4.2 support area. At the time of writing, NEAR was trading at $4.26. Although the price was slow, the bulls were wrestling with the bears. If the price recovers from the downtrend, this gives the token an opportunity to move higher.
The Near Protocol is gaining momentum from the recovery in Ethereum. In particular, the anticipated Ethereum merge is increasing liquidity in the Layer-1 protocol. The Near Protocol has so far cooled as the Ethereum rally has also slowed. However, we do know that volatility could return as the potential merger date approaches 15 September. While we can’t ascertain how much the merger will boost NEAR, investors will be keeping a close eye. A price recovery that sustains $4.2 will be a bullish catalyst.
NEAR trades on support without any directional movement
Source – TradingView
From a technical perspective, NEAR is struggling to maintain the $4.2 level. The token is near oversold levels but there is still more room to fall. There is currently no directional movement, and we cannot rule out further bearish action.
Nevertheless, if the bulls hold $4.2, the price is likely to rise. The token should be watched keenly for possible outcomes.
Near Protocol Token is struggling with support at $4.2. If the price recovers from the support then the bulls will take over the market. If the price drops below $4.2, the bears will be in control. The token is one for keeping a tab.