NEAR analysis: AI hype captures Layer1 blockchain
3 min readThe AI hype in altcoins such as The Graph (GRT) is also causing prices to rise in the crypto ecosystem NEAR Protocol (NEAR). The developers took care of one tweet caused a stir that NEAR aims to enable next-gen AI use cases. In the last 24 hours of trading, the NEAR price is gaining bullish momentum, gaining 15 percentage points. If NEAR can resolve the sideways phase of the last 20 trading days and recapture the key resistance at US$ 2.71, a subsequent rise can be planned. Only a fall below the support at $2.28 could trigger a short-term sell-off back towards $1.97.
Bullish price targets: $2.89, 3:18 USD, 3.32/3.49 USD, 4.05 USD, 5.27 USD, 6:12 USD, 6.86 USD, 7.50 USD, $9.51, $10.95, 13:28 USD
NEAR: The bullish price targets
In order to sustainably confirm its breakout from the green box, the NEAR price must first stabilize above the important price mark of 2.70 US dollars. In the next step, the bulls must do everything possible to overcome the orange zone.
A recapture of 2.89 US dollars activates the trading range between 3.18 US dollars and 3.51 US dollars as a price target. With the moving average EMA200 (blue) at the bottom and the Golden Pocket at the top, there are several strong resists here, which is why the red box acts as the first relevant target area.
If the bulls manage to stabilize above this zone, the NEAR course will continue to gain momentum. Then, with an intermediate stop at US$ 4.05, the turquoise chart zone between US$ 5.27 and US$ 6.12 should be targeted. In this area, buyers failed as early as the third quarter of 2022. Profit-taking must therefore be planned for.
Only when NEAR Protocol dynamically jumps above $6.12 does the overarching Golden Pocket of the overall move between $6.86 and $7.50 come into focus. This zone represents the maximum increase target for the NEAR price for the time being.
Bearish price targets: 2.28/2.16 US$, US$1.97, US$1.78, 1.56 $1.39/1.23 USD
NEAR: The bearish price targets
If, on the other hand, there is a false breakout and the NEAR price slips back into its sideways range in the green box, the lower edge at USD 2.28 and the cross-support from the monthly low and EMA50 (orange) at USD 2.16 act as short-term Target marks for the bears.
If these supports are given up and the NEAR price does not find a foothold in the super trend area at 2.04 US dollars, the sell-off expands abruptly. Then NEAR should head for the blue zone between $1.78 and $1.56.
At the lower edge of the blue box in particular, the bulls must fly the flag in order to avert a slide back in the direction of their historical lows. If the support at $1.56 as of the daily close is broken, the bears in turn will do everything in their power to push the price NEAR towards the gray zone.
The area between USD 1.39 and USD 1.23 currently represents the maximum bearish price target. As long as the Bitcoin price does not form any new lows, a course reversal to the north is to be planned in the gray box.
Looking at the indicators
From an indicator perspective, the RSI has now generated a new buy-signal after falling back into the neutral zone between 45 and 55. The MACD indicator will also form a new long signal on the daily chart if it breaks through the orange resistance area.
In the weekly chart, the RSI has also returned to the neutral zone with a value of 46. The MACD has already activated a buy signal. Since both indicators still have room to rise, there is nothing to be said against a further increase in NEAR prices from the indicator point of view for the time being.
