NEAR Protocol (NEAR) Anticipates a Breakout: Can Bulls Succeed?

The Layer-1 blockchain network NEAR Protocol (NEAR) price hovered near the 20-day EMA mark and stayed flat in the intraday session.

The Layer-1 blockchain network NEAR Protocol (NEAR) price hovered near the 20-day EMA mark and stayed flat in the intraday session. Amidst the bearishness in the market, the token price secured the $4 mark and stayed above it.

suggesting that the NEAR price might register a breakout and reach the $6 mark soon.

On the daily charts, NEAR Protocol has persisted in forming the lower low swings and has retained the 20-day EMA mark. Meanwhile, it was on the verge of a trendline breakout and might soon cross the $5 mark.

Still, the sellers have secured their grip hard near the $5 mark, and the bulls anticipated a much-needed breakout.

Regarding the downside risk, the $4 mark was the strongest support zone for the bulls to halt there. If bears breach this trajectory, a free fall could be seen at $2.70.

The RSI showed a positive divergence and suggests a possible up move ahead; the MACD indicator tells the same while displaying a bullish crossover, revealing the buying pressure on the chart.

However, the on-chain data still favored the bear cartel, and indecisiveness was noted.

Despite the intraday flat moves, the price volatility curve dragged over 23% to 0.013, conveying a decline in investor participation and low-volume activity.

Its development activity data stayed flat near the midline region, noted at 182, signifying no significant growth in the ecosystem for the past few weeks.

Crypto Analyst @Worldofcharts in his tweet said that, NEAR token has made a falling wedge pattern and could see a major breakout ahead.

This week, the social dominance curve noted an interesting up move, establishing a rise of over 6% to 0.034% in the last 24 hours.

Meanwhile, the open interest data witnessed a decline of over 1.27% to $156.15 Million, reflecting the short-covering move in the past 24 hours.

The NEAR Protocol has a total value locked (TVL) of around $232 Million, and a change of over 2.62% in the last 24 hours was noted.

The positive value of the funding rate suggest the buyer interest remain high and a positive shift in the token price could seen ahead.

The immediate support levels for the NEAR token are $4.20 and $4, whereas the key upside hurdle is around $5, followed by $5.40