Near Protocol (NEAR) is facing immense selling pressure, thus passing through a hard time. Altcoins see gains dwindle as the broader crypto market is held in the iron grips of bearish sentiment, with NEAR no exception. The most recent massive sell-off wave in Bitcoin attacked crucial levels for BTC, as the value swayed toward the critical $65,000 level.
As such, many market analysts in the space believe that Bitcoin may see a bounce of this support level, which can trigger a bullish price action for altcoins in general and NEAR in particular. Though the cryptocurrency is right now in a pickle, the market spectators still wouldn’t reject NEAR’s future price action to bet on a significant upward rally for the token.
The token has fallen 16% now over the course of the past week. In the last 30 days, it’s fallen sharply-20%-reflective of the bearish trends that have been dominant. Still, with an Ethereum ETF listing seemingly imminent, it might serve as a boon to the space. As was the case following the Bitcoin ETF listing, historical precedent would indicate that the price could surge dramatically.
At the time of writing, the price of the token stands at $5.63, with a 24-hour trading volume of $482.81 million and a market capitalization of $6.08 billion. The token’s price has decreased by 5.61% in the last 24 hours, reflecting the ongoing market challenges.
But as the market waits anxiously for that to happen, all eyes are still on the recovery of Bitcoin and the upcoming Ethereum ETF listing, either of which can prove to be a decisive factor in the direction that the token’s price may take shortly.
Analyst Eyes NEAR Protocol’s Potential Rally to $11.00
Despite the prevailing bearish market conditions, a well-known crypto analyst, Jonathan Carter, has expressed a bullish outlook on the price trajectory of NEAR Protocol. Carter’s analysis suggests that the current price of NEAR is consolidating within a range and encountering strong support around the $5.75 mark, a level confirmed by the 50-day Moving Average (MA 50).
Carter believes that a breakout above this consolidation phase could potentially trigger a rally, pushing the price towards $11.00. This optimistic forecast is underpinned by the significant support level that NEAR has established, which may serve as a launchpad for future gains.
Added to all this is the favorable prognosis that the Changelly price prediction for NEAR Protocol has given out an increase of 13.15% to $6.71 by June 2024. Regarding the technical indicators shown by Changelly, there is a mixed feeling in the market with some 33% bear-bull indicator shifts. Meanwhile, the token’s Fear & Greed Index currently shows a score of 74, relating to a strong sense of greed.
Technical analysis by Carter, along with the predictions from Changelly, forecast a bright future for the NEAR Protocol. Despite bearish trends in the overall markets, traders and investors would keep waiting to witness the consolidation breakout to confirm the above momentum. The price is currently consolidating in a very tight range that may propel it towards significant gains
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