As a seasoned researcher with a background in financial markets and cryptocurrencies, I have closely monitored the crypto market’s trends and price actions for years. The recent bullish momentum in the third week of July has been particularly intriguing, especially for Near Protocol (NEAR), which has shown remarkable recovery from its correction phase.
In the third week of July, the cryptocurrency market’s upward trend gathers strength. Bitcoin reached a new high of $66,000 during Asian trading hours on Monday, and most major altcoins, such as NEAR, regained their previous peaks following this recovery. The optimistic outlook and the Exchange-Traded Product (ETP) launch on Sweden’s Spotlight Stock Market are fueling bullish sentiment around Near Protocol. Analysts anticipate a substantial resistance breakthrough for Near Protocol, which could potentially intensify its price surge.
Near Protocol Price Prediction Awaits Flag Breakout For Major Rally
In the midst of the market’s recent bounce back, the Near protocol price experienced a significant change of direction from its $4.28 support level. The V-shaped market recovery, fueled by increased trading volume, caused the asset to soar by 41% within just two weeks and reach a price of $6.07. Concurrently, the market capitalization grew substantially, reaching a value of $6.65 Billion.
The horizontal line aligning nearly perfectly with the 100-day Exponential Moving Average (EMA) and above the 38.6% Fibonacci level, serves as a significant accumulation point for buyers looking to counteract. The NEAR price attempting to breach the upper threshold of the Bollinger Band suggests that buyers hold the stronger hand in this market.
Additionally, Valour Inc., a subsidiary of DeFi Technologies, has unveiled the debut of an exchange-traded product (ETP) tied to the NEAR Protocol token on Sweden’s Spotlight Stock Market. This innovative financial tool provides investors with access to NEAR Protocol’s significant $6.8 billion market capitalization, thereby narrowing the divide between conventional financial markets and the rapidly expanding crypto sector.
As a financial analyst, I would argue that this development has the potential to expand the user base for the NEAR protocol, leading to a substantial increase in investment and ultimately raising its market capitalization and enhancing its liquidity.
The Near Protocol’s price is projected to increase by approximately 30% if buying pressure continues, based on the Flag pattern analysis of its daily chart. For the past four months, this altcoin has exhibited a sideways trading pattern that aligns with a parallel trendline.
As a researcher studying market trends, I believe that a bullish breakthrough above the Flag resistance is essential to indicate the conclusion of the correction trendline.
When the MACD line (orange) intersects above the signal line (blue), it indicates a potential buy signal and the beginning of a strong bullish trend for NEAR. If this pattern continues, there is a possibility that the price of NEAR will surge past the $16.5 mark during an impressive rally.
Key Takeaway
As a crypto investor, I’m excited about the introduction of an Exchange-Traded Product (ETP) on Sweden’s Spotlight Stock Market, which allows me to securely and diversely invest in the NEAR ecosystem. This opportunity to bring in substantial capital is likely to fuel a bullish continuation pattern for NEAR’s price, further solidifying its recovery position.
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2024-07-17 20:50