NEAR, the native token of the Layer 1 (L1) public blockchain NEAR Protocol, has substantially risen during this bull run after registering remarkable gains since the end of 2023.
As the price of Bitcoin continues to soar, NEAR has recorded an over 130% price surge in the past month, and analysts forecast that the bullish momentum isn’t over yet.
Analyst Foresees NEAR’s Next Leg Up Coming Soon
At the end of 2023, the NEAR token showed a remarkable performance by doubling its price in mid-December. Since then, the crypto market has been propelled to heights like those seen during the last bull run.
NEAR continued its growth alongside the market, and crypto analyst Altcoin Sherpa considers that the gains for the token are far from over.
$NEAR: Consolidation for the next leg up soon IMO. #NEAR pic.twitter.com/pII6Uanwaz
— Altcoin Sherpa (@AltcoinSherpa) March 12, 2024
In an X (former Twitter) post, the analyst shared a chart showing NEAR’s performance in the last few days. This performance displays the token has oscillated between two levels since yesterday.
NEAR hovered between the $6.7- $7.17 price range for the past 24 hours, Altcoin Sherpa’s chart shows. As the analyst highlights, this is the “consolidation for the next leg up” coming soon.
Previously, Sherpa warned about the $6.9 price level being a “danger area approaching.” However, the token broke that resistance level over the weekend.
Moreover, crypto trader and analyst Rekt Capital shared a chart showing that NEAR revisited its multi-year macro downtrend. Breaking above it would further fuel the bullish momentum that could drive the price to revisit its all-time high (ATH) resistance area of $20.
Finally – Near Protocol has revisited its multi-year Macro Downtrend
Now #NEAR will try to break this to further build on its current bullish momentum
Breaking this Macro Downtrend would likely see price revisit the old All Time High resistance area
#BTC #NEARprotocol… https://t.co/VmcLjkWFPn pic.twitter.com/wboVljOJsc
— Rekt Capital (@rektcapital) March 11, 2024
Are $10 Coming Soon?
NEAR has been closely following Bitcoin’s price performance during the past week. As the chart below shows, in the last 24 hours, the token’s price has closely followed the trajectory of the flagship cryptocurrency.
BTC and NEAR’s performance in the last 24 hours. Source: CoinGecko.com
At writing time, NEAR is trading at $7.3, a 4.2% surge in the past hour. The token registered a stellar 67.8% and 83.1% price surge in the weekly and bi-weekly timeframe.
Crypto trader Doctor Profit foresees NEAR to reach $10 soon, as his previous prediction of the token reaching this price by the end of the year seems closer than expected.
That the token’s price of $3 was easily doubled in a matter of days. This suggests to the analyst that NEAR’s next goal of $10 will come very soon.
As optimistic predictions continue, the token’s market cap of $7.74 billion shows a 7.7% growth in the last day. By this metric, NEAR is inside the top 20 largest cryptocurrencies, currently being the 19th, according to CoinMarketCap data.
However, the daily trading volume has dropped 20% in the last 24 hours, with $993.5 million traded. This hints at a recent decline in market activity despite the positive performance and community support.
NEAR is trading at $7.39 in the hourly chart. Source: NEARUSDT on TradingView.com
Feature image from Unsplash.com, Chart from Tradingview.com
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