NEAR Protocol cryptocurrency trades up $0.03, approximately 1.45% higher this afternoon

NEAR Protocol goes up to $2.08, having dipped down to $1.98 earlier.

NEAR Protocol made an initial breakout above its 50 day Simple Moving Average at $2.06, a potential indicator of a newly emerging bullish phase. Despite this, NEAR Protocol could be slowing down soon; it is getting close to the resistance line and is now at $2.09, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.1, thereby suggesting that NEAR is becoming overvalued.

According to technical analysis, it looks as if NEAR likely to continue pointing upward in the short term.

Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36.

Meanwhile, TRON stumbles 3.13% to trade around $0.064. Ripple closed at $0.503 (down 2.78%).

NEAR has fallen back around 88.22% from the significant high of $17.45 set 11 months ago. NEAR has a market cap of 1.84 billion with an average daily volume of 74.19 million.