The Cryptocurrency market has experienced strong buying pressure in recent days. This week, the price of BTC reached several all-time highs and, with it, pushed the rest of the altcoins higher. In this work, we review the technical analysis of the NEAR token. Will this currency be able to reach $8 in the short term?
A look at NEAR technical analysis
This work constitutes a review of the NEAR token from the perspective of technical analysis. Meanwhile, elements of external influence that generally cause variations in prices are left aside.
In the CoinCodex analysis, 30 technical indicators were applied to this token. Of these, a total of 26 point in the bullish direction and only 4 in the downward direction. For its part, the fear and greed index marks 88 out of 100, confirming a trend of extreme greed. The token offered green numbers in 14 of the last 30 days. Thus, the chances of winning are 47%. Meanwhile, the volatility is 10.08% in the same period of one month.
Meanwhile, key technical analysis indicators of the NEAR token such as the 30-day and 50-day SMA are noticeably positive. At the same time, the RSI marks a neutral position of 62.33. It is worth remembering that overbought corresponds to a score of 70 upwards and oversold corresponds to 30 or less.
Near Protocol (NEAR) token year-on-year performance. Source: CoinMarketCap
Another highlight of NEAR’s analysis is the market sentiment index. According to the same portal, 90% have bullish expectations, while 10% expect the price of NEAR to go into the red.
NEAR Market Sentiment Index. Source: CoinCodex
Short-term price prediction
Taking into account the cited data, it is time to answer the important question: Will NEAR reach $8 in the short or medium term? Before moving on to the forecasts, it must be insisted that these correspond only to technical analysis, that is, to historical behavior. In this way, any news or contextual fact can completely change these predictions.
The price of NEAR is expected to reach $6 within about a week from the current point. For its part, in the short term there is no sign of significant falls. With this, until next Thursday, November 21, the currency would grow by 8.95%. In one month, its performance would be +52.15%. December 13, 2024 is the date for the $8 NEAR token, according to CoinCodex analysis.
NEAR price projection in 30 days. Source: CoinCodex
In a slightly longer term, a significantly bullish performance is expected by 2025. In November of next year, the currency would reach $17.57 dollars in the moderate scenario.
NEAR price prediction for 2025. Source: CoinCodex
Data to take into consideration
- The predictions of this work are exclusive to the CoinCodex portal and not CriptoTendencia. Performance and price data were taken from CoinMarketCap and Messari.
- Predictions about the Near Protocol (NEAR) token are based on technical analysis, that is, historical data. Thus, these could change in the event of unforeseen news.
- NEAR is the native token of Near Protocol, a multi-purpose network that hosts decentralized applications. Its objective is to overcome the limitations of traditional blockchains such as poor scalability and poor interoperability.
Disclaimer: This prediction is based on historical trends and technical analysis. Cryptocurrency prices are highly volatile and can be affected by external factors. Investors should do their own research before making investment decisions.
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