NEAR Protocol (NEAR) Jumps 19%: Can Bulls Extend the Rally or Is a Pullback Brewing?

• NEAR Protocol jumped over 19%, trading at $1.41.
• NEAR’s trading volume skyrocketed by over 170%.

With the mixed sentiment across the crypto assets, both the red and green charts are visible in the market. A modest 1.66% spike has been recorded — will it build momentum and turn broader sentiment bullish? Besides, the largest asset, Bitcoin (BTC), is trading at $68.1K and Ethereum (ETH), the largest altcoin, hovers near $2K. 

Meanwhile, NEAR Protocol (NEAR) has registered a steady 19.01% rally over the last 24 hours. The asset traded at a low of $1.17 in the early hours. Gradually, the mighty bulls took control of the NEAR market and triggered the price to rise to a high of $1.45. It has broken certain key resistance ranges between the $1.22 and $1.40. 

Currently, NEAR Protocol traded at around the $1.41 mark, with the market cap reaching at $1.76 billion. Moreover, the daily trading volume had exploded by over 170.66%, touching the $705.51 million range. The Coinglass data has reported that the market has experienced a 24-hour liquidation of $2.64 million worth of NEAR. 

The current upward push of NEAR Protocol might take the price to the resistance at around $1.52. With further bullish pressure, the golden cross could emerge, and the price would reach above the $1.63 range. If the active trend takes a bearish turn, the NEAR Protocol price could retrace to the support at the $1.30 level. Assuming the downside correction intensifies, the death cross might unfold, driving the price below $1.19. 

NEAR Protocol Charts Turn Bullish as Indicators Flash Strength

The Moving Average Convergence Divergence (MACD) line of NEAR Protocol is above the signal line, and both are above the zero line. This indicates a strong uptrend. The short-term price strength is outperforming the recent average. As long as the lines stay above zero, it will favour further upside. 

NEAR chart (Source: TradingView)

Significantly, the Chaikin Money Flow (CMF) indicator found at 0.34 suggests an influential buying pressure, with substantial capital flowing into NEAR. With active accumulation, an upward price move is supported, and if the value remains elevated, it increases the likelihood of continued upside.

NEAR Protocol’s daily Relative Strength Index (RSI) is positioned at 78.01 signals its deep overbought territory. Also, this level shows aggressive buying pressure and a rapidly rising price. However, it also increases the risk of short-term consolidation. 

Moreover, the Bull Bear Power (BBP) reading of NEAR at 0.275 implies moderate bullish dominance. The price is trading above its average level, reflecting steady upside and healthy buying momentum. If it continues to rise, it strengthens the bulls.

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