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May 16, 2024 by Ammar Raza
NEAR Protocol (NEAR) is showing immense potential for massive gains. The token has recently captured attention and is currently on a significant value increase. Overall, the market has been bullish, and as a result, most altcoins have gained an increase in their value. NEAR stands out among those, recording a great performance.
NEAR Protocol trades at $7.76 at the time of writing, with a huge trading volume in the range of $1.14 billion over the past 24 hours. Besides, it has a market capitalization of $8.35 billion, underlining the prominence in the market
The token’s recent performance is most notable because it has gained up to 10.79% in price in only 24 hours. This reflects improved investor confidence and the possibility of an upward move in the token’s value.
Analyst Predicts 2x Surge For NEAR
A prominent crypto analyst, Alex Clay, has recently shared an optimistic outlook for the price trajectory of NEAR, indicating a potential for the cryptocurrency to 2x in value. Clay’s analysis is premised on considering a horde of technical indicators, which quite independently signal the bullish run of NEAR.
One of the factors that backs Clay’s bullish sentiment is the fact that there are two dynamic support levels: the 50-day and 100-day Exponential Moving Averages. To be precise, the price of a cryptocurrency holding above these two moving averages maintains the ascending momentum in the long term. In NEAR’s case, it has stayed above the 50-day and 100-day EMAs, thus showing a strong bullish trend.
In fact, Clay identifies a bullish pennant pattern in the price chart of NEAR: “It represents a consolidation after an appreciating move. Most of the time, it signals a potential resting period before resuming the initial uptrend.
However, Clay notes that the token is experiencing serious challenges from a resistance confluence. The only way for the token to regain its bull run is to break this resistance confluence. While waiting for the bullish continuation, Clay presents three specific targets investors and traders should be keen on.
These targets, including $9.50, $12.40, and $14.90, are crucial levels at which the coin’s price may experience an increase in selling pressure, or these could be ideal areas to make a profit. Clay sets these targets to help navigate the token’s potential price action and maximize trades in favourable conditions.
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