• Prices rose by more than 10% in the past 24 hours.
• Near wallet’s evolution update released.
• Volume increased by about 192%.

The NEAR protocol’s native token, NEAR, has surged by nearly 11% in the past few hours. This rise in the prices is due the recent updates made in the NEAR wallet, decentralizing the service. After the collapse of FTX, the significance of decentralization increased and protocols relating to it saw a flood of users, who switched to prevent such happenings. The step taken to convert the NEAR wallet to decentralized, may prove to be for the better as the investors have started to incline towards the notion after the blunders in the centralization based protocols.

The chart tale

Source:NEAR/USDT by Tradingview

The prices for the NEAR token has breached the long formed falling parallel channel and has rallied to turn bullish. The rising prices aim to claim the 100 and 200 EMAs that float above it. The volume reflects buyers ruling the market as they enter the market to invest in the protocol. If the price rally sustains above $2, the surge is expected to rest near $2.5 level, respecting the previous swing.

Source:NEAR/USDT by Tradingview

The uptick in the prices is reflected in the rising CMF, which soars to the higher ranges in the positive zone. The MACD records a thread of buyers being active in the market. The RSI escalates to the ceiling ranges to display buyer participation observed in the market.

4 hour POV

Source:NEAR/USDT by Tradingview

The smaller time frame study suggests the price rally may be short lived and soon rectify. The CMF moves closer to the baseline in the positive zone to show a reducing rate of rise. The MACD observes both sellers and buyers to interact in the market equally, with lines tangling together. The RSI slips and goes flat near the 70-mark. It reflects that the sudden rise is now under control but still is buyer-dominated.

Conclusion

The protocol is trying to adapt with the aftermath of the debacle. It has laid down the to-do list and is planning to act accordingly, to ensure its holders that the project has potential to grow. Refraining from any controversy, NEAR has shown stability and may be suitable for a short-term investment. The holders of the token may keep a keen eye on the breakout level near $2. The support range of $1.25 can be relied on to enter the market.

Technical levels

Support levels: $1.25 and $0.50

Resistance levels: $3.80 and $4.60

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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