NEAR defined the general market uncertainty when its prices jumped 5% in the day to take a shot at $2.6. Does this mean it could be rallying to $3 soon?
Near Protocol emerged as one of the best-performing digital assets of the day when NEAR prices jumped by close to 5% in the day.
The value gain was in defiance of the larger crypto industry performance, which remains largely uncertain after Trump’s sweeping reciprocal tariffs announcement. Its daily trading is, however, down by more than 25%, confirming investor skepticism towards the market.
Why is NEAR Price Rising?
The coin’s uptrend may be attributed to two crucial factors. The first is the fact that the market is stabilizing after days two days of massive volatility.
In the last 24 hours, for example, the crypto industry market cap has changed by less than 0.5%, which means it still hovers around $2.67 Trillion. Similarly, the price of top cryptos – Bitcoin and Ethereum – has also changed by less than 2%.
The above-average price performance for NEAR may also be attributed to the many developments taking place on the Near Protocol network.
For instance, the network just announced that it is close to achieving cross-chain interoperability after Intellex Protocol announced that it had secured $2 Million in funding to build infrastructure for cross-chain AI interoperability.
Will NEAR Reach $3 Soon?
Eventually, NEAR will rebound and its price will experience an upward correction. Our analysis suggests that it will likely peak at around $11 before the end of the year.
In the meantime, however, it is highly improbable that NEAR will climb up $3 soon. This is evidenced by the fact that NEAR has been on a persistent downtrend since hitting the season high in late 2024. Key technical indicators also point to a continued bearish pressure.
The MACD, for example, shows a bearish crossover, with the blue MACD line crossing below the signal line. Its RSI of 39.01 is also well below the neutral 50 level indicating that bearish pressure dominates.
And even though it is not in the oversold zone (<30), meaning there’s no strong reversal signal yet. Most of NEAR’s minor rebounds throughout the year, have also failed to break significant resistance levels.
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