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NEAR Protocol: From Recent Dip To Google Search Darling – Is $16 Next?
NEAR Protocol (NEAR) is making waves in the cryptosphere, surging to the top of Google searches and capturing investor attention. This newfound interest, coupled with strong activity data from blockchain analytics platform DappRadar, fuels speculation of a potential price explosion.
Some analysts are predicting a meteoric rise to , despite recent dips. However, beneath the bullish bravado lies a layer of technical analysis and short-term volatility that warrants a closer look.
Decoding NEAR’s Google Surge
The recent surge in Google searches for NEAR is undeniable. This newfound interest can be interpreted in two ways. Optimists see it as a sign of growing recognition and potential mainstream adoption.
They point to NEAR’s strong fundamentals – its developer-friendly architecture, focus on decentralized finance (DeFi), and active ecosystem with popular DApps like Kai-Ching and Hot Wallet.
heh, sorry kiddos. looks like NEAR is number one in Google Search trends. another huge W. try it for yourself.
literally too ez pic.twitter.com/eYKWZM0iWK
— NEAR Protocol (@NEARProtocol) June 5, 2024
According to DappRadar, NEAR’s protocol boasts high transaction volume, reflecting strong network activity. Additionally, DappRadar highlights NEAR’s promising DeFi presence with a healthy total value locked (TVL) within its DeFi applications. This combination positions NEAR as a contender in the evolving blockchain landscape, attracting both retail and institutional investors.
However, skeptics caution against overhyping Google Trends. They argue that search volume doesn’t always translate to long-term price appreciation. It’s possible that the surge is a fleeting fad, fueled by short-term marketing campaigns or even social media influencers. They point to the current price dip as evidence of this disconnect between online buzz and actual market movement.
Can Technical Analysis Steer NEAR To ?
Crypto analyst More Crypto Online has thrown down the gauntlet, presenting a bullish case for NEAR based on the Elliott Wave Theory and Fibonacci retracement levels. The theory suggests that market prices follow predictable wave patterns, and the current price action places NEAR in the potential “second wave” of a five-wave sequence. This, according to More Crypto Online, paves the way for a significant “third wave” with a target price of .
$NEAR: The price is still holding above the relevant support level at .97. As long as this support level holds, it is plausible to watch for a third wave from here, which should send the price to +. However, we need more upside momentum.#NearProtocol #NEAR pic.twitter.com/azsWbQTMKG
— More Crypto Online (@Morecryptoonl) June 12, 2024
While this analysis offers an interesting roadmap, it’s crucial to acknowledge the limitations of technical analysis. These models are based on historical price movements, and the future market can be notoriously unpredictable.
Can The Coin Maintain Its Bullish Balance?
The key to NEAR’s potential surge lies in the crucial support level of .97. If the price stays above this point, it bolsters the bullish outlook and potentially triggers the anticipated third wave. A successful third wave could propel NEAR to significant price targets, initially around .5 and potentially reaching even higher.
Featured image from Shutterstock, chart from TradingView
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Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash
Near Protocol has had a good year in 2024 so far and has continued to hold up quite nicely despite the multiple crashes that have rocked the market. However, it seems that the altcoin may have exhausted its runway, as a crypto analyst believes its earlier breakout is very bearish for the price.
Near Protocol Breaks Out Of Wedge Pattern
At the start of the month of May, the Near Protocol price had formed a wedge pattern after falling to .5 and then recovering slightly. This wedge pattern would hold its price in a tight range for a while. However, by the middle of the month, the Near Protocol price broke out of the wedge pattern and began a move upward.
Following the breakout, the altcoin’s price saw an over 15% recovery that put its price firmly above , but this did not last for long. Once the Bitcoin price began to retrace and the crypto market followed, so did the Near Protocol price decline. This confirmed the bearishness hat was brewing in the price of the coin.
Crypto analyst Kledji Cuni revealed in a TradingView post that this breakout remains bearish for the price. According to him, the pattern is still very solid, meaning that the breakout actually marked the beginning of the bearish trend.
As for how the price will move from here, the analyst expects that Near Protocol will continue to fluctuate around its current level of .3. However, the downtrend is expected to happen regardless. “The price may spend some time in the same zone before it moves down for an impulsive,” he stated.
Targets for the decline include an initial 8% drop to .78. Following this is another expected drop down to the level. Then finally, the analyst expects the downtrend to bottom out around .6. If it goes this low, it would mean a total decline of 37% from its current price.
A Reversal In The Cards?
Recent developments in the metrics of Near Protocol lend credence to the crypto analyst’s prediction of an impending decline. For one, the coin is seeing losses in the last month after starting off 2024 on a very strong foot. This is in addition to the notable decline in its daily trading volume.
The Near Protocol daily trading volume has dropped more than 18% in the last day to approximately 6 million. This decline suggests a decline in interest in the altcoin and could be a contributing factor to the decline.
At the time of writing, Near protocol is trending .3, with a 0.89% decline in the last day and a 4.28% decline in the last week.
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