-
Near Protocol token has added 32% in a week
-
The cryptocurrency is yet to break out from a resistance zone
-
Wait to but on a breakout, although a retracement is possible
Near protocol token NEAR/USD is attracting suitors. The token has added a cool 32% in a week, adding enthusiasm for the smart contract protocol. NEAR could blast to higher levels if it successfully manages to clear key levels.
Near Protocol claims to eliminate some of the barriers that limit Web3 adoption. The smart contract platform boosts low fees and high speeds. Owing to the smart contract functionality, Near Protocol offers a great alternative to Ethereum. It allows communication and asset exchange between Ethereum and other protocols such as Polkadot. NEAR could be getting boosts from the surge in Ethereum price.
Despite the strong gains recently, NEAR remains near a bottom price of $3.1. The cryptocurrency now trades at $4.3. That should tell you that NEAR remains well supported by the bottom price. However, investors looking to add NEAR should be mindful of immediate resistance.
NEAR faces resistance at $4.3 amid a bullish push
Source – TradingView
The recovery case for NEAR is not in doubt owing to the recent gains. The MACD indicator has also moved to positive territory, owing to the bullish momentum. However, NEAR faces resistance at $4.3. The price has already hit the resistance and is showing some slight retracement. If NEAR retraces, the bottom price of $3.1 would be of interest. That, of course, depends on the prevailing crypto sentiment.
Price could as well turn bullish at the resistance, resulting in a breakout. That would set $6 the next level in sight and could add bulls to ride to higher prices. For now, we watch price action at $4.3.
Summary
NEAR token is bullish but has met resistance at $4.3. Investors should watch how price action unfolds at the resistance. Buy on a breakout.