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May 05, 2023
NEAR Protocol posts light gains on a low-volatility day, ranging between $1.82 – $1.87 and is now at $1.85.
NEAR Protocol made an initial breakout above its 5 day Simple Moving Average at $1.85, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1.84 currently serving as resistance. If broken, the next Fib hurdle is expected to be $1.96. NEAR's lower Bollinger Band® is at $1.68, indicating that the market is oversold and fertile for new buyers. In contrast, NEAR could be slowing down soon; it is getting close to the resistance line and is now at $1.88, only 3 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts NEAR to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the NEAR Protocol is expected to pick up significant bullish sentiment in the coming days.
NEAR shows positive signs, other assets are also on par: FTX Token is up 9.54%. Ethereum is up 3.17%. Polkadot is up 3.17% to $5.85.
Over the past 11 months, NEAR Protocol has retreated 83.52% from a noteworthy peak of $11.17. NEAR Protocol has a market cap of 1.66 billion with an average daily volume of 89.78 million.
