NEAR’s value has defied the broader market trends by experiencing a significant rise from $1.00 to $1.59 in just two weeks. This surge in value shows no immediate signs of reversing, indicating a bullish buying opportunity. The Awesome Oscillator (AO) confirms this positive trend, as short-term periods are currently trending higher than long-term periods.
However, the Moving Average Convergence Divergence (MACD) presents a different perspective. The decreasing green bars on the MACD chart suggest a decline in bullish sentiment, potentially leading to a bearish crossover if the red signal line crosses over the blue MACD line.
To sustain its positive momentum, NEAR must overcome the $1.63 resistance level and convert it into a support level. Successfully doing so could propel the price to a six-month high of $1.78. On the other hand, a failure to breach this level may trigger a correction down to $1.45, wiping out nearly half of NEAR’s recent gains and testing the $1.17 support level.
The upcoming NEARCON event has not only driven up the price but has also increased the daily trading volume and total value locked (TVL) on the protocol. These indicators reflect strong investor interest in NEAR and its potential.
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