Near Protocol’s altcoin, NEAR, saw a significant price rise of 65% over the past two weeks, reaching $1.59. This increase is primarily attributed to the anticipation surrounding the upcoming NEARCON developer conference. The event sparked new growth in the protocol that had been dormant since April.
Unlike broader market trends that have halted their uptrend, 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 upward compared to long-term periods.
However, the Moving Average Convergence Divergence (MACD) displays descending green bars, indicating a decreasing uptrend and potential for a bearish crossover if the red signal line crosses the blue MACD line.
In order to maintain its positive momentum, NEAR must break through and convert the $1.63 resistance level into support. This could potentially push its price to a six-month high of $1.78. Conversely, failure to breach this level could trigger a correction to $1.45, erasing nearly half of NEAR’s recent gains and testing the $1.17 support level.
The anticipation of NEARCON not only drove up the price but also increased the daily trading volume and total value locked (TVL) on the protocol, indicating strong investor interest.
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