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$NEAR Protocol is currently one of the top performers in the market, with bulls aiming to capitalize on the uptrend to break through a key psychological barrier.
Notably, $NEAR Protocol ($NEAR) has seen a remarkable surge over the past month, gaining nearly 31%. Most of its recent performance came from a notable intraday gain of 14.43%, the largest in over four months.
$NEAR spikes nearly 31% in 30 days, bulls eye $6 target - 1"> This came on the back of a partnership between leading AI chipmaker Nvidia and Alibaba, which triggered a favorable reaction from AI tokens.
$NEAR is trading at $5.217 at the time of writing, having appreciated by as much as 6.36% over the past 24 hours. The latest upsurge has pushed its market cap to $5.79 billion, with a massive daily trading volume of $890 million.
This surge has driven the asset above the upper Bollinger Band, currently at $5.072. This position suggests that $NEAR is in an overbought condition, but confirms the strong bullish momentum in the short term.
In addition, the Commodity Channel Index surged to 224.85 following the recent rally. A CCI reading above 100 is considered overbought. As a result, caution is warranted, as such high readings often precede corrections.
However, following a minor drop this morning, $NEAR Protocol retested the upper Bollinger Band and sustained a value above it. This indicates that the bulls are firmly in control of the market at the reporting time.
This momentum could persist if buying pressure continues. $NEAR is now facing a critical juncture as it approaches resistance levels at $5.469 and $6.301.
The $6 psychological level represents a major target for bulls. However, the last time $NEAR approached $6, it faced strong resistance at $5.9, resulting in ten consecutive days of losses.
For the bulls to breach this level, $NEAR would need to consolidate above $5.469 and maintain its current momentum. Failure to break past $5.469 could see a retracement to the Pivot level support at $4.954 or further down to $4.121.