Near Protocol's altcoin, NEAR, has witnessed a significant price surge of 65% over the past two weeks, reaching $1.59. This surge is primarily attributed to the anticipation surrounding the upcoming NEARCON developer conference. The event has sparked renewed growth in the protocol which had been dormant since April.
In contrast to broader market trends that have paused their bullish run, NEAR's value has risen from $1.00 to $1.59 in two weeks, with no immediate trend reversal in sight. The Awesome Oscillator (AO) suggests a bullish buying opportunity, as short-term periods are trending higher than long-term periods.
However, the Moving Average Convergence Divergence (MACD) displays decreasing green bars, indicating dwindling bullishness and a potential for a bearish crossover if the red signal line crosses over the blue MACD line.
In order to maintain its positive momentum, NEAR needs to breach and convert the $1.63 resistance level into support. This could potentially push its price to a six-month high of $1.78. Conversely, a failure to breach this level may trigger a correction down to $1.45, erasing nearly half of NEAR's recent gains and testing the $1.17 support level.
The anticipation for NEARCON has not only driven up the price but also increased the daily trading volume and total value locked (TVL) on the protocol, indicating strong investor interest.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.