NEAR, the native token of the Layer 1 (L1) public blockchain NEAR Protocol, has substantially risen during this bull run after registering remarkable gains since the end of 2023.
As the price of Bitcoin continues to soar, NEAR has recorded an over 130% price surge in the past month, and analysts forecast that the bullish momentum isn’t over yet.
Analyst Foresees NEAR’s Next Leg Up Coming Soon
At the end of 2023, the NEAR token showed a remarkable performance by doubling its price in mid-December. Since then, the crypto market has been propelled to heights like those seen during the last bull run.
NEAR continued its growth alongside the market, and crypto analyst Altcoin Sherpa considers that the gains for the token are far from over.
$NEAR: Consolidation for the next leg up soon IMO. #NEAR pic.twitter.com/pII6Uanwaz
— Altcoin Sherpa (@AltcoinSherpa) March 12, 2024
In an X (former Twitter) post, the analyst shared a chart showing NEAR’s performance in the last few days. This performance displays the token has oscillated between two levels since yesterday.
NEAR hovered between the $6.7- $7.17 price range for the past 24 hours, Altcoin Sherpa’s chart shows. As the analyst highlights, this is the “consolidation for the next leg up” coming soon.
Previously, Sherpa warned about the $6.9 price level being a “danger area approaching.” However, the token broke that resistance level over the weekend.
Moreover, crypto trader and analyst Rekt Capital shared a chart showing that NEAR revisited its multi-year macro downtrend. Breaking above it would further fuel the bullish momentum that could drive the price to revisit its all-time high (ATH) resistance area of $20.
Finally – Near Protocol has revisited its multi-year Macro Downtrend
Now #NEAR will try to break this to further build on its current bullish momentum
Breaking this Macro Downtrend would likely see price revisit the old All Time High resistance area
#BTC #NEARprotocol… https://t.co/VmcLjkWFPn pic.twitter.com/wboVljOJsc
— Rekt Capital (@rektcapital) March 11, 2024
Are $10 Coming Soon?
NEAR has been closely following Bitcoin’s price performance during the past week. As the chart below shows, in the last 24 hours, the token’s price has closely followed the trajectory of the flagship cryptocurrency.
BTC and NEAR’s performance in the last 24 hours. Source: CoinGecko.com
At writing time, NEAR is trading at $7.3, a 4.2% surge in the past…
Click Here to Read the Full Original Article at NewsBTC…
