• NEAR surges 41.23% in the past week, targeting $8.5 with key resistance at $6.406.
  • Bullish indicators, including Parabolic SAR and BBP, suggest continued upward momentum for NEAR.
  • Rising development activity and favorable market conditions support NEAR’s potential for further gains.

Over the past week, Near Protocol surged by 41.23%. At press time, NEAR has climbed 12.78% in the last 24 hours. This momentum signals a possible continued rise. However, a key price level stands between NEAR and its next big move. The question is whether NEAR can break through this barrier and target $8.5, or if the rally will stall here.

Gm bulls☕️

First target for $NEAR hit this morning in my sleep. Looking to ride this mfer a little higher🤝 pic.twitter.com/Hyw3pLzBHp

— Onii.eth (@OniiEth) November 16, 2024

NEAR’s Path to $8.5: A Crucial Resistance Ahead

NEAR recently broke a descending trendline, triggering the latest surge. This breakout, combined with a push past the $5.548 resistance, has paved the way for further gains. But now, a new challenge lies ahead: the $6.406 resistance level. This could slow NEAR’s progress, as strong selling pressure likely exists at this point.

If NEAR can maintain bullish momentum , breaking this resistance could open the door to a 33% rise. This would bring the token close to $8.520. However, if NEAR fails to break through, a consolidation phase could begin. In that case, the price may move within a range between $6.406 and $5.548 for a while.

Technical Indicators Point to Continued Growth

Technical indicators support NEAR’s upward trend. The Parabolic SAR is bullish, showing that momentum is building. Dots below the price confirm the upward direction. Meanwhile, the Bull/Bear Power (BBP) shows that buyers are dominating. The chart’s green bars indicate strong bullish strength, suggesting that NEAR could keep rising.

In addition, development activity around the NEAR Protocol is increasing. Higher activity often leads to price growth, and NEAR is seeing positive signs in this area. Market conditions are also favorable. Open Interest has risen 20.58% in the last 24 hours, reaching $398.10 million. The Long-to-Short ratio is 1.0358, favoring the bulls and indicating that more traders are betting on NEAR’s rise.

For now, NEAR faces a crucial test at $6.406. If NEAR breaks through this level, a potential move to $8.5 is within reach. With strong indicators and increasing market support, the chances of continued growth are high.

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