NEAR Protocol cryptocurrency trades up $0.016, approximately 0.97% higher this afternoon

Marginally higher but lacking a clear-cut direction, NEAR Protocol is trading at $1.67 after ranging between $1.64 and $1.7 today.

NEAR Protocol made an initial breakout above its 10 day Simple Moving Average at $1.69, a potential indicator of a newly emerging bullish phase. NEAR Protocol's lower Bollinger Band® is at $1.52, indicating that the market is oversold and fertile for new buyers. In contrast, NEAR is 1 cents away from testing key resistance at $1.67. Peaking above this level could inspire market bulls and open the path to further gains.

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 Protocol shows positive signs, other assets are also on par: FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $83.64, Litecoin is up 5.37% today to currently trade at around $88.13. Bitcoin Cash ascends 2.3% to trade around $118.04.

NEAR Protocol is trading 77.55% lower compared to the $7.37 high it reached over the past year. NEAR Protocol is currently trading with a market cap of 1.51 billion with an average daily volume of 52.67 million.