NEAR Protocol Price Surges, Eyes $6.50 Resistance Amidst Crypto Bull Run

NEAR Protocol Price Surges, Eyes $6.50 Resistance Amidst Crypto Bull Run

Crypto News – Over the past week, major altcoins have experienced notable surges in their respective portfolios, with Ethereum, the leader among altcoins, reaching a peak of $3,900. This surge underscores a robust bullish sentiment prevailing in the cryptocurrency industry.

Meanwhile, the price of NEAR Protocol has surged by 33.18% within the last 24 hours, marking a significant milestone as it crosses the $5 threshold for the first time in over 18 months.

NEAR Price Breaks $5 Barrier!

Initially, the NEAR price traded within a narrow range of $3.106 to $3.624, signaling balanced buying and selling pressures in the crypto market. However, as market volatility intensified, bullish momentum emerged, leading to a breakout above resistance levels. Subsequently, the altcoin maintained a neutral trend over the next seven days, experiencing a 15.44% uptick in valuation and trading between $4.163 and $4.602.

Following a brief dip to $3.624, bullish momentum regained strength, propelling the price by 62.78% before encountering resistance at $5.897. Since then, corrective movements have been observed in the price chart.

The Relative Strength Index (RSI) remains above the overbought threshold, signaling increased buying pressure within the crypto space. Furthermore, moving averages exhibit a bullish trajectory, indicating a potential continuation of price appreciation in the near future.

Can NEAR Protocol Price Rally Further?

In the event of a market resurgence pushing the price above the $5.897 resistance level, bulls are likely to target the upper resistance threshold of $6.50. Sustaining this level could pave the way for NEAR price to test the $7.250 resistance level.

Conversely, if bearish sentiment gains traction, NEAR Protocol price may test the $5.170 support level. Further downside could see the price testing the lower support level of $4.602 if bears maintain dominance in the market.