NEAR Protocol: Short-term rally or bearish reversal, what’s ahead?
The post NEAR Protocol: Short-term rally or bearish reversal, what’s ahead? appeared on BitcoinEthereumNews.com.
Recent trends show steady, measured growth for NEAR’s Total Value Locked (TVL). NEAR could see a brief rally before potentially dropping to the $2.45 level. Over the past 24 hours, NEAR Protocol [NEAR] has emerged as one of the market’s top gainers, surging by 10.42%. This marked its first double-digit gain following a month-long decline of 25.79%. Despite the recent upward momentum, a broader perspective reveals potential obstacles that could hinder further growth. If these barriers hold, NEAR might face a drop into lower price regions. Consistency amid declining activity According to DeFiLlama, the Total Value Locked (TVL) on NEAR Protocol has maintained a steady range, oscillating between $259.85 million and $236.58 million. At press time, the TVL stood at $253.52 million. This range often indicates active participation, though it leaves room for either a significant rally or a sharp decline. Source: DeFiLlama TVL represents the total value of assets locked in a blockchain’s smart contracts, showing the level of user engagement across activities such as staking, lending, and liquidity provision. But the TVL doesn’t give much information as a standalone. To gain further insight into NEAR’s on-chain activity, AMBCrypto analyzed its fee data. Higher fees often indicate increased network activity, while lower fees suggest a slowdown. As of this writing, NEAR recorded its lowest fee generation in the past eleven days, with $21,680 collected. This decline points to reduced user participation, which could negatively affect NEAR’s price performance and its ecosystem’s growth trajectory. Mixed signals: MACD and RSI diverge Technical indicators for NEAR were conflicting, with the Moving Average Convergence Divergence (MACD) pointing to a bearish trend, while the Relative Strength Index (RSI) suggested increasing momentum. On the weekly chart, the MACD appeared close to forming a bearish Death Cross—a pattern that occurs when the MACD line (blue) crosses…
Filed under: News - @ January 3, 2025 12:29 am