Why is NEAR up by more than 7% in the last 24 hours?

Why is NEAR up by more than 7% in the last 24 hours?

By Hassan Maishera - min read

The cryptocurrency market has lost more than $200 billion over the past few days.

The cryptocurrency market has been in a bearish trend over the past few days. Over the weekend, the market shed more than $200 billion as the total crypto market cap dropped from $1.7 trillion to $1.5 trillion.

In the last 24 hours, the market has lost nearly 4% of its value. Bitcoin has lost its major support level above $35k and is now struggling around the $33k point. It could be in line for further losses over the coming days.

Ether has also dropped below the $2,500 psychological level and further losses could see the ETH bulls forced to defend their position above $2,000. 

NEAR, the native token of the Near ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours. The coin has added more than 7% to its value during that period. 

However, there is no major catalyst behind NEAR’s ongoing positive performance. NEAR could find it hard to maintain this bullish run as the broader market is currently bearish.

Key levels to watch 

The NEAR/USDT 4-hour chart is still bearish despite the ongoing positive performance. However, the technical indicators show that NEAR’s value is slowly recovering.

The MACD line is below the neutral zone as NEAR has been in a bearish trend in recent weeks. The 14-day RSI of 50 shows that NEAR is no longer in an oversold region.

At press time, NEAR is trading at $11.07 per coin. If the rally continues, it could surge past the first resistance point at $12.40. However, the second resistance level at $13.285 should cap further upward movement.

With the broader market still bearish, NEAR could see its gains reversed. NEAR could be forced to defend its first major support level at $9.046 before the end of the day.