Near Protocol (NEAR) Price Prediction 2023-24: Will NEAR Bulls Break the Chains?

After days of decline, Near Protocol [NEAR] bulls took over the market but painted the token's charts green. Therefore, AMBCrypto assessed the token's metrics and technical indicators to predict Near Protocol's price.

After days of decline, Near Protocol [NEAR] finally saw some green on the charts as the token’s price rose. Hence, AMBCrypto took stock of the token’s metrics and technical indicators to predict Near Protocol’s price.

NEAR bulls took over the market

The token’s price saw a surge of over 2% last week as NEAR bulls remained in control. Things got better in the last 24 hours as the token’s value increased by over 3%.

At the time of writing, NEAR was trading at $4.02 with a market capitalization of over $4.5 billion.

The price increase also had a positive impact on the token’s social metrics. For instance, NEAR’s Weighted Sentiment slid into the positive zone.

This meant that bullish sentiment around the token was dominant in the market. Its Social Volume also remained stable last week, which indicated that the token’s popularity remained intact.

It was interesting to note that while the token’s price gained bullish momentum, NEAR protocol’s captured value dropped.

A look at DeFiLlama’s data by AMBCrypto revealed that both NEAR’s fees and revenue registered a decline over the last few months.

Near Protocol Price Prediction

Next up on AMBCrypto’s analysis was the token’s on-chain data to see whether a continued price rise was possible. As per our analysis, NEAR’s Trading Volume increased along with its price. In addition to this, its Open Interest also went up.

Whenever the Open Interest increases, it suggests that the chances of the ongoing price trend continuing are high, which in this case, was bullish.

However, not everything was working in the token’s favor. For example, the token’s Long/Short Ratio registered a decline.

This meant that there were more short positions in the market than long positions, suggesting a rise in bearish sentiment in the market.

But the technical indicators looked bullish. The MACD displayed a bullish crossover. NEAR’s protocol’s Money Flow Index (MFI) registered an uptick, hinting at a continued price rise in the coming days.

So, going by the press time NEAR protocol price prediction, investors should keep an eye on the $7.8 mark as it’s a crucial resistance level.

A breakout above could result in a full-fledged recovery, which can push NEAR once again to $15 in the coming months. However, if the bears flip the bulls, then it won’t be surprising to witness NEAR falling to $1.