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Near Protocol Token is up 9% and $4.2 . retrieved
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Merges Possible Causes of Crypto Recovery and Expected Ethereum Growth
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The momentum is still weak, but if it reaches $4.2. NEAR may start growing rapidly
NEAR/USD buyers near Protocol tokens are keeping expectations alive as the token recovers to $4.2. Layer 1 is the established support for network tokens. In a single day, the coin is up over 9%, erasing some of the previous losses. Gains moved slightly above $4.2, but momentum remained weak. Trading volume was also up 6.0% in 24 hours, highlighting the increasing buying pressure. So why is NEAR growing?
A combination of factors may explain the recent recovery in NEAR. Spot check indicates that the overall crypto sentiment is improving. Near protocol is recovering in line with crypto sentiment. Still, NEAR’s gains were above most cryptos. The Ethereum merge, expected later this month, could boost the Layer-1 blockchain.
Clearly, there is no specific event promoting the Near Protocol token. However, for a technical reader, the current price is worth watching for the next few days.
Close Protocol Token Price Action on Daily Chart
Source – TradingView
After capturing the $4.2 level, NEAR trades at $4.6. A minor breakout could add to the buying pressure on the support. A MACD crossover above the moving average is another bullish indicator for the cryptocurrency. The 20-day moving average has joined support. The price still hasn’t moved above the 50-day moving average.
final thoughts
NEAR is a potential buy at current levels as a bullish signal. We will have to wait for bullish confirmation after the close of the daily candlestick. If the candlestick crosses the bottom, it may invalidate the bull call. Still it is important to watch NEAR at the level of $4.2.