One of the leading cryptocurrencies Near Protocol (NEAR), It has experienced a sharp decline in the last period, but it seems that the interest of investors is not over. Although it was withdrawn to $ 7.38 on February 24, it is slowly giving signs of recovery. NEAR, which has lost 50% of its value since January 16, 2022, when it broke a record by reaching $ 20.60, may see the old levels again according to on-chain data.
Rally Begins For NEAR?
NEAR, which tested the $ 9.50 level twice but did not fall below the support, continued to rise up to $ 11, once again proving the double bottom formation here. This bottom formation may be further strengthened or weakened and broken depending on the situation of BTC. For now, the uptrend seems more likely when looking at the purchase data and volume. if $14.22 If the resistance can be broken, NEAR will push the price in the near term. $16.10 waiting level.
Reaching the $16.10 level, that is, an increase of about 40%, is quite appropriate with the current on-chain data. 8-11 March Investor interest in NEAR has almost doubled between
NEAR’s on-chain volume jumped from 424 million NEAR to 837 million abruptly. In addition, volume has also risen above the 200-day moving average, signaling that a rally for NEAR could begin. The critical support for the NEAR price is definitely $9.52, and if it holds here again, it is possible to see a new rise.
Although the NEAR price has decreased slightly in the last 24 hours, it is still above the $10 band.
*Not Investment Advice.