- Per AMBCrypto’s NEAR Protocol price prediction, the token’s first target might be $7.8.
- A few market indicators hinted at a continued price rise.
After days of decline, Near Protocol [NEAR] bulls took over the market but painted the token’s charts green. Therefore, AMBCrypto assessed the token’s metrics and technical indicators to predict Near Protocol’s price.
NEAR remains bullish
NEAR bulls managed to control the week as the token’s price surged by more than 2% last week. Things got better in the last 24 hours as the tokens value increased by over 3%.
At the time of writing, NEAR was trading at $4.02 with a market capitalization of over $4.5 billion.
The price increase also had a positive impact on the token’s social metrics. For instance, NEAR’s Weighted Sentiment slid into the positive zone.
This meant that bullish sentiment around the token was dominant in the market. Its Social Volume also remained stable last week, which indicated that the token’s popularity remained intact.
Source: Santiment
It was interesting to note that while the token’s price gained bullish momentum, NEAR protocol’s captured value dropped.
AMBCrypto’s look at DeFiLlama’s data revealed that both NEAR’s fees and revenue registered a decline over the last few months.
Source: DeFiLlama
NEAR Protocol price prediction
AMBCrypto then checked the token’s on-chain data to see whether a continued price rise was possible. As per our analysis, NEAR’s Trading Volume increased along with its price. Additionally, its Open Interest also went up.
Whenever the Open Interest increases, it suggests that the chances of the ongoing price trend continuing are high, which on this occasion, was bullish.
Source: Santiment
However, not everything was working in the token’s favor. For example, the token’s Long/Short Ratio registered a decline.
This meant that there were more short positions in the market than long positions, suggesting a rise in bearish sentiment in the market.
But the technical indicators looked bullish. The MACD displayed a bullish crossover. NEAR’s protocol’s Money Flow Index (MFI) registered an uptick, hinting at a continued price rise in the coming days.
Source: TradingView
Realistic or not, here’s NEAR’s market cap in BTC’s terms
So, going by the press time NEAR protocol price prediction, investors should keep an eye on the $7.8 mark as it’s a crucial resistance level.
A breakout above could result in a full-fledged recovery, which can push NEAR once again to $15 in the coming months. However, if the bears flip the bulls, then it won’t be surprising to witness NEAR falling to $1.
Source: TradingView
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