The post Near Protocol targets $8.5 despite encountering resistance appeared on BitcoinEthereumNews.com.

A surge in development activities signals NEAR’s potential to break through existing resistance levels. Trading activities in the NEAR market have also played a significant role in fueling its expected growth. Over the past week, the market dynamics have favored bullish traders, evidenced by a 6.53% rise, which mirrors Near Protocol’s [NEAR] daily performance gains. NEAR faces a significant resistance at $4.662 currently, which has slightly dampened its 24-hour gains. Nonetheless, NEAR remains well-positioned for an upward trajectory. Surge in development activity backs anticipated NEAR rally According to Santiment, NEAR has experienced a notable increase in development activities after a period of trending downward. Market trends often mirror movements in development activity. In this instance, an upward trend in development activities suggests a potential rise in NEAR’s price. Typically, such activity indicates that the NEAR team is addressing issues or implementing new improvements and major advancements in its protocol. Source: Santiment While ongoing development activity suggests a bullish outlook for NEAR, other factors may also influence the asset’s rally. NEAR faces selling pressure at resistance line NEAR is currently trading within a bullish triangle pattern, suggesting an imminent upward movement. This pattern is characterized by a diagonal upper line of resistance and a horizontal line of support. However, at the time of writing, NEAR has broken out of this pattern and encountered another resistance region at $4.662, pushing the price downward. While this appears to be a retracement move before the price trends higher, it is highly likely that NEAR will regain momentum and target prices at $5.256, $6.489, $7.709, and $8.520. Source: Trading View Should this breakout prove to be a fakeout, NEAR may find the next local support at $4.304. Intense selling pressure could drive the price back to the horizontal support line or even lower to $3.076.…

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Filed under: News - @ September 23, 2024 11:21 am