Journalist
Published:
- According to AMBCrypto’s NEAR Protocol price prediction, the token’s first target could be $7.8.
- Some market indicators suggest that prices will continue to rise.
After days of decline, Near Protocol (NEAR) The bulls took control of the market but painted the token’s charts green. Therefore, AMBCrypto evaluated the token’s metrics and technical indicators to predict the Near Protocol price.
NEAR remains bullish
NEAR bulls managed to control the week, with the token’s price surging by over 2% last week. Things have improved over the last 24 hours, with the token’s value increasing by over 3%.
At the time of writing, NEAR was trade at $4.02 with a market capitalization of over $4.5 billion.
The price increase also had a positive impact on the token’s social indicators. For example, NEAR’s weighted sentiment moved into the positive zone.
This means that the bullish sentiment around the token was dominant in the market. Its social volume also remained stable last week, indicating that the token’s popularity remained intact.
Source: Santiment
Interestingly, while the token price gained bullish momentum, the captured value of the NEAR protocol fell.
AMBCrypto’s analysis of DeFiLlama data revealed that NEAR’s fees and revenue have been declining in recent months.
Source: DeFiLlama
NEAR Protocol Price Prediction
AMBCrypto then checked the token’s on-chain data to see if a continued price increase was possible. According to our analysis, NEAR’s trading volume increased alongside its price. Additionally, its open interest also increased.
Whenever open interest increases, it suggests that the chances of the current price trend continuing are high, which on this occasion was bullish.
Source: Santiment
However, not everything worked in favor of the token. For example, the token Long/Short Ratio recorded a decline.
This means that there were more short positions in the market than long positions, suggesting an increase in bearish sentiment in the market.
But technical indicators appear bullish. The MACD has posted a bullish crossover. The NEAR Protocol Money Flow Index (MFI) has registered an increase, suggesting a continued price rally in the coming days.
Source: TradingView
Realistic or not, here it is NEAR Market Cap in BTC terms
So, according to the NEAR Protocol price prediction at press time, investors should keep an eye on the $7.8 mark as it is a crucial resistance level.
A break above could lead to a full-fledged recovery, which could push NEAR back to $15 in the coming months. However, if the bears overturn the bulls, it won’t be surprising to see NEAR fall to $1.
Source: TradingView
