As a seasoned researcher and investor with over two decades of experience navigating the volatile crypto market, I find myself intrigued by NEAR Protocol’s current standing. The asset is trading at $4.385, a crucial level that has seen its fair share of drama in recent times.
NEAR Protocol (NEAR) is currently at a significant support point after experiencing a notable 15% drop from its recent peak prices. This decline has moved the asset to a critical price zone, sparking interest among traders and analysts who are watching closely for indications of further bullish momentum in the market.
In simple terms, the latest earnings report from NVIDIA, which holds the second largest market value among all companies globally, surpassed predictions and has fueled optimism regarding advancements in artificial intelligence (AI). It’s anticipated that NEAR, with its robust connections to AI technology, will capitalize on this positive trend over the long haul.
Experts and investors are predicting a potential bullish turn for NEAR in the near future, given its advantageous place within the artificial intelligence industry. The upcoming days are crucial as they will help us understand if the price can hold its ground and continue its growth trend.
NEAR’s Crucial Level: Support or Bull Trap?
At present, NEAR can be purchased for approximately $4.385. This key figure has been a notable barrier to price increase over the past month, but it’s also acting as a foundation of support. Traders and analysts are closely observing this level, viewing it as a possible pivot point in future price movements.
In the sea of opinions expressed online, one voice resonates particularly strongly: Dami, a well-known cryptocurrency analyst and trader, has caught our attention. On platform X, Dami emphasized this specific level as an exceptional opportunity for entry, implying it could serve as a base for a notable price surge upward.
The optimism around NEAR’s potential is fueled by broader market developments, including NVIDIA’s impressive earnings report and the anticipated interest rate cuts. These factors could create a favorable environment, possibly leading to massive gains in the coming weeks.
Dami also highlights potential dangers. If the price doesn’t sustain at this crucial point, the bullish argument could lose its validity swiftly, which might lead to more drops in the asset value. The upcoming days (or even hours) are significant as they will help decide whether traders can profit from this chance or if the market shifts adversely, making these times crucial for investors.
NEAR Technical Analysis
At present, NEAR is being traded at approximately $4.385, slightly under its 4-hour 200 moving average (MA) that stands at $4.406. This moving average serves as a significant marker of price vigor. When the value surpasses this point, it usually points towards short-term robustness, indicating a bullish tendency. On the flip side, if the value drops below this moving average, it hints at a weakening trend and possible bearish influence.
In order for NEAR to move towards increasing values, it needs to repeatedly surpass the 200-day Moving Average (MA) and finish above it. This level serves as a notable resistance area, and persistently staying above it would indicate a positive trend, supporting the possibility of an upward trend.
In simple terms, the market currently shows signs of uncertainty and anxiety, causing quick fluctuations in prices. To keep up with these changes, investors should closely watch this significant trendline. Over time, it has been observed that when the price reverses near this point, it often happens quite fast. Remaining vigilant to these shifts can offer valuable, real-time information to aid informed trading choices.
Featured image created with Dall-E, chart from Tradingview.com
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- PLI PREDICTION. PLI cryptocurrency
2024-08-29 18:42