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The market cap of NEAR is approaching its yearly high, reflecting significant interest and investment in the token.
A noticeable resistance zone exists around the $9 billion mark, which has been tested multiple times, suggesting strong selling pressure at this level.
NEAR Protocol Market Cap Analysis
The market cap of NEAR is approaching the key resistance of $9 Billion, which was hit in mid-March. This indicates significant interest and investment in the token. The chart illustrates a strong upward trend, which suggests bullish momentum.
There is a noticeable resistance zone around the $9 Billion mark. This area has been tested multiple times, which also indicates strong selling pressure.
Near Is Trading Above the 1D Ichimoku Cloud and Tenkan
The price action is currently above the Ichimoku Cloud and the Tenkan Line (in Red), suggesting a bullish trend. Conversely, the cloud itself is green, which reinforces the bullish outlook.
NEAR Price Action Sustains Above 4-Hour Ichimoku Cloud
Similarly to the daily timeframe, the price action remains above the Ichimoku Cloud, indicating sustained bullish momentum.
Key mid-term support levels are $7.5 (0.5 Fibonacci retracement) and $7.3 (0.618 Fibonacci retracement), which have provided strong support in recent price action. Immediate resistance is observed at $8 (0.236 Fibonacci retracement).
furthermore, the RSI (4H) is currently above 50, suggesting a neutral sentiment. Historically, the 50 level has acted as major support, which could indicate a potential rebound to 70.
This technical analysis of NEAR Protocol (NEAR) suggests a bullish outlook in the daily and 4-hour timeframes. The market cap is approaching an all-time high, indicating strong market interest.
Key support levels to watch are around $7.5 and $7.3, while resistance is prominent at $8 and $8.5.
Strategic Recommendations and Price Prediction
Bullish to Neutral: Price could reach back to $8 in the Mid-Term: Given the strong Bitcoin upward trend and market interest, the price could revert to bullish again and reach $8.4 in the mid-term.
The price trading above the Tenkan line daily suggests a reduced risk of a strong downward movement in short to mid-term.
Additionally, if the price drops to $7.2, it could shift market sentiment to bearish.