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NEAR Protocol is currently among the top performers in the cryptocurrency market, with bullish investors looking to leverage the ongoing uptrend to surpass a crucial psychological resistance level.
Recently, NEAR Protocol (NEAR) has experienced a remarkable surge, with an impressive 31% increase over the past month. A significant portion of this growth was driven by a notable intraday gain of 14.43%, marking its largest daily increase in over four months.
NEAR Protocol’s recent surge can be attributed to a partnership between leading AI chipmaker Nvidia and Alibaba, which has positively influenced the market for AI tokens.
As of now, NEAR is trading at $5.217, having gained 6.36% in the last 24 hours. This latest rally has elevated its market capitalization to $5.79 billion, accompanied by a substantial daily trading volume of $890 million.
The asset’s rise has pushed it above the upper Bollinger Band, currently positioned at $5.072, indicating that NEAR is in an overbought state. However, this also confirms strong bullish momentum in the short term. The Commodity Channel Index (CCI) has surged to 224.85, signaling an overbought condition since readings above 100 are typically considered such. Caution is advised, as high CCI levels often precede price corrections.
Despite a slight dip earlier, NEAR Protocol has since retested the upper Bollinger Band, maintaining a value above it, which suggests that bulls are firmly in control at this time. The momentum could continue if buying pressure remains strong.
NEAR is now at a pivotal point, approaching resistance levels at $5.469 and $6.301. The psychological $6 level is a significant target for bullish traders, but NEAR previously encountered strong resistance at $5.9, resulting in ten consecutive days of losses.
For bulls to break through this resistance, NEAR must consolidate above $5.469 and sustain its momentum. If it fails to surpass this level, a retracement could occur, potentially dropping to the Pivot support level at $4.954 or further down to $4.121.
