Near protocol Price Prediction: The Next Price Target at $5

Summary:

The near protocol price is up by 3 per cent, a third consecutive trading session that the crypto is on the rise

The near protocol price is up by 3 per cent, a third consecutive trading session that the crypto is on the rise. The protocol has also been in an aggressive push to the upside throughout the week and is already up by 5 per cent.

Near protocol Recent Price Action

For more than a month now, the Near Protocol has been among the best-performing cryptocurrency projects. In July, the protocol’s price surged by 26 per cent reversing a strong bearish trend that had seen it lose 43 per cent of its value in June, 42 per cent in May and 22 per cent of its value in April.

In August, the trend looks poised to continue with gains made in July. With just three days in, the Near Protocol price is already up by 5 per cent. The trend is also looking aggressively bullish, a sign that the prices are likely to continue going up. The daily chart also shows that, despite momentum slowing in the past few days, the trend is still bullish, with the current set-up showing strong signs of prices starting to go up.

Near Protocol Price Analysis

The 4-hour chart below shows that prices hit the $4 support level during yesterday’s trading session. However, the prices failed to break to the downside. Instead, hitting the support level triggered a strong and aggressive bullish move that has resulted in prices gaining 9 per cent.

The chart also shows that the past few trading hours have also been aggressively bullish, and the past few hours of intraday trading has seen Near Protocol price up by a percentage point. Therefore, based on the current price action, I expect the prices to continue trading upwards. There is a high likelihood that the Near Protocol price will continue to rise until it hits the $4.75 price level.

My Near Protocol Price expectation is also for it to move past the $5 price level in the next few trading sessions. However, should the prices retreat and trade below the $4 support level, my analysis will be invalidated. IT will also mean a possible downside trend has started.