thecoinrepublic.com
The Near Protocol price action chart saw significant movements as the NEAR/USDT pair broke through and retested a major trendline. It reinforced bullish sentiments among traders.
On the daily chart, NEAR saw a notable support-turned-resistance flip at the $5.10 mark, solidifying it as new support after its upward trajectory. This level served as a critical juncture for future price movements.
Adding to the optimism, a golden crossover occurred yesterday. It is a bullish signal where the short-term moving average crosses above a longer-term moving average, in this case, the 13-day EMA.
This event typically indicated the potential for substantial price increases and captured traders’ attention. It suggested a growing confidence in the asset’s performance.
The retest of this trendline, coupled with the golden cross, painted a promising picture for NEAR. The volume and price action suggested that the asset was gaining momentum, potentially targeting the $10 mark.
As NEAR garners more interest, the market closely watches for its next moves. The technical setup at press time indicated a strong uptrend could be in store.
NEAR Protocol’s Strong Uptrend
Seth, a reputed analyst, noted that NEAR Protocol could continue its impressive performance in the crypto market, as indicated by recent technical analysis on the daily chart.
The analyst noted NEAR consistently maintained its upward trajectory within a well-defined rising channel, which has been intact since early 2023.
The Relative Strength Index (RSI), a key indicator of momentum, bottomed out and was trending upwards. That suggested increasing buyer interest and potential for continued price gains.
The moving averages have provided solid support, reinforcing bullish signals. The NEAR price recently rebounded off those averages, indicating a healthy uptrend.
Additionally, weekly buy signals have held firm, underscoring sustained investor confidence in NEAR’s growth potential within the crypto sector, particularly in applications tied to AI.
As NEAR approaches the upper boundary of its channel, market watchers anticipate a possible breakout.
The analyst noted if this trend persisted, the Near Protocol crypto price could reach new heights. It might even test the $16 resistance level in the coming months.
This optimistic outlook was bolstered by NEAR’s consistent performance and strengthening fundamentals in the crypto AI space, where it continues to make significant strides.
Grayscale Involvement Signals Confidence
Meanwhile, Grayscale Decentralized AI Fund showed its preference for the Near Protocol, allocating a substantial 31.2% of its portfolio to NEAR.
This positioning suggested Grayscale’s confidence in NEAR’s capability within the blockchain AI sector. Bittensor (TAO) followed with a 24.55% share, highlighting its relevance in the same space.
Filecoin, though generally known for its data storage solutions, captured a significant 17.18%. That suggested a strategic diversification into decentralized storage solutions for AI applications.
Lesser yet notable allocations include Render and The Graph, holding 16% and 11.07%, respectively.
Render operates on Solana and contributes to the GPU rendering space, potentially complementing AI processes. The Graph supports indexing and querying data across blockchains, crucial for decentralized AI functionalities.
This distribution not only reflected a bullish stance on these technologies by Grayscale but also indicated a strategic investment pattern.
It seems like aiming to enhance AI capabilities across various blockchain platforms. The diverse allocations suggested Grayscale’s approach to capitalize on different aspects of AI and blockchain integration, ranging from computational power to data accessibility and interoperability.