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NEAR Protocol Price Targets $8 Comeback as Active Addresses Hit ATH

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Since last weekend, the Near Protocol coin price has decreased from $5.94 to $5.11— a 13.9% fall. The supply pressure in the broader market following the Bitcoin reversal from $70000 bolsters such correction in altcoins. The falling NEAR price, backed by below-average volume, hints at a potential drop to $4 before a major reversal. Will rising Active addresses bolster an early turnaround?.

Also Read: Breaking: Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure

NEAR Protocol Price Eyes Major Breakout as Active Addresses Surge 3348.28%

Over the past four months, the Near protocol coin has showcased a sideways trend resonating within two parallel trendlines of the channel pattern. These trendlines act as major resistance and support for the NEAR coin, preventing a directional trend on either.

The flattish 100D and 200D EMA slopes accentuate a sideways trend. However, the assets trading below these EMAs indicate that the sellers hold an advantage in applying additional supply pressure from above.

BINANCE:NEARUSDT Chart Image by sahilmahadik07BINANCE:NEARUSDT Chart Image by sahilmahadik07
NEAR Protocol Price| Tradingview

Despite the mid-July market recovery, the Near protocol price showcased a V-top reversal from $5.68. The bearish turnaround plunged the altcoin 21.5% to trade at $5.1, while the market cap fell to $5.67 Billion.

With sustained selling, the coin price may plunge to 20% to hit $4 and seek support at the pattern’s lower trendline. Any further breakdown could accelerate the bearish momentum for a significant downfall.

The number of active addresses on the NEAR Protocol network has been continuously growing since last year. According to data from The Block, this on-chain metric surged from 57.13k at the end of July 2023 to a current record of 1.97 million, registering an impressive 3348.28% growth. 

This significant increase implies a growing user base and heightened network activity, which can positively impact NEAR Protocol’s ecosystem and potentially drive higher asset value.

Also Read: Bitcoin News: CoinShares Exec Unveils Major Hurdle For BTC Strategic R

According to a recent tweet by Satoshi Club, NEAR Protocol achieved a 42.0% increaseeserve in average daily active addresses in Q2 2024, reaching a new all-time high.

Thus, the Near Protocol price shows a high potential for a bullish reversal from $4. If the pattern identification is accurate, the coin price will be 50% up from its current price to challenge overhead resistance at $7.6.

An upside breakout from the channel pattern will project a significant signal for uptrend continuation.

Frequently Asked Questions (FAQs)

A V-Top reversal is a chart pattern that signals a sharp price decline after a strong upward trend, forming a ‘V’ shape. It indicates a swift change from bullish to bearish sentiment.

ctive addresses” refer to the number of unique addresses participating in transactions on a blockchain network within a given timeframe. They are an indicator of network activity and user engagement.

On-chain metrics are data points that provide insights into the activity and health of a blockchain network, including metrics like transaction volume, active addresses, and new addresses.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Price (BTC), NEAR, ICP, RENDER Rise Following Inflation Numbers

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The crypto market is in recovery mode on Wednesday following a cascade of selling earlier in the week that for now appears to have flushed out much of the long leverage.

The move higher comes alongside a sizable rally in the U.S. stock market following this morning’s Consumer Price Index report that matched economist forecasts. The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week. The Nasdaq is ahead 1.5% and the S&P 500 just shy of 1%.

After having fallen to as low as $94,100 at one point earlier this week, bitcoin (BTC) has recovered to $101,000, up more than 6% over the past 24 hours. The broader CoinDesk 20 Index is ahead nearly 11% over that same time frame, led by XRP’s 15% advance.

Read more: XRP Rallies as Ripple’s Stablecoin Gets Regulatory Approval, CEO Garlinghouse Says

Also among top performers today are AI-related tokens, perhaps buoyed by a report in The Information that Apple (AAPL) is working with Broadcom (AVGO) on an AI chip.

NEAR Protocol (NEAR), Internet Computer (ICP) and Render (RENDER) are all up by 15% or more over the past 24 hours.





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Top Analyst Says Ethereum Rival Coming in Hot, Sees Altcoin Mirroring Sui’s Explosive Rally

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A crypto strategist closely followed for well-timed altcoin predictions thinks one Ethereum (ETH) challenger is ripe to ignite big upside bursts.

Pseudonymous analyst Bluntz tells his 275,500 followers on the social media platform X that Near (NEAR) has taken out the diagonal resistance of a falling wedge pattern on the three-day chart.

A falling wedge structure is viewed as a bullish reversal signal as it suggests that buyers are stepping in to decrease the rate of an asset’s price decline.

Says Bluntz,

“Three-day candle about to close and NEAR has a beautiful trend break now.”

Image
Source: Bluntz/X

Zooming in, Bluntz says NEAR appears to be following in the footsteps of fellow layer-1 protocol Sui (SUI), an altcoin that has printed gains of about 120% this month.

“NEAR finally coming in hot with a channel breakout.

In environments like these, they usually indicate a huge breakout move is underway.”

Image
Source: Bluntz/X

At time of writing, NEAR is worth $5.38, up over 5% in the past day.

The trader is also bullish on the Solana (SOL)-based memecoin dogwifhat (WIF). The analyst shares a chart suggesting that WIF has broken above a multi-month resistance level.

“Strap in, are you ready for round 2?”

Image
Source: Bluntz/X

At time of writing, WIF is trading for $2.01, well above its diagonal resistance.

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Featured Image: Shutterstock/Elena Abrazhevich/INelson





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Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

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By&nbspClark

Crypto analysts predict a solid bullish upward move for ETFSwap (ETFS) as September approaches. With predictions of a bullish breakout, ETFSwap (ETFS) is capturing attention, leaving other tokens like Polkadot (DOT) and Near Protocol (NEAR) in the spotlight for comparison. 

ETFSwap (ETFS): To Make Next Bullish Move As Forecasted By Analyst

With the crypto market facing uncertainty, ETFSwap (ETFS) is emerging as a promising alternative to Polkadot (DOT) and Near Protocol (NEAR). Analysts believe that ETFSwap (ETFS) will make a bullish move in September, and its competitors will struggle to keep up. As ETFSwap (ETFS) enters its final presale stage, investors and analysts can purchase the token at $0.03846, setting the stage for potential profits as the token is projected to make a bullish move.

As is evident, ETFSwap (ETFS) is known to support the trading of tokenized ETFs with up to 50x leverage to increase users’ trading capability. In contrast to traditional ETFs, ETFSwap (ETFS) enables users to swap tokenized ETFs for other cryptos, expanding their portfolios. The fact that the platform is still in its final stage is no wonder interested investors are buying the ETFS tokens massively to generate revenues.

ETFSwap (ETFS) has undergone an audit by the well-known security firm CyberScope, ensuring the platform is safe for users. All team members have passed the KYC check; it has positively influenced the development of confidence in the project and increased the number of registered users.

Over 15,000 users have registered for the platform’s KYC-free trading system, which offers trading for perpetuity with up to 50x leverage. The system also features an array of AI tools to identify patterns in the market and even predict them. In addition to AI tools like an ETF tracker and ETF screener, ETFSwap (ETFS) also comes with staking rewards, monthly airdrops, and up to an 87% APR yield, making it quite lucrative for investors and analysts.

Polkadot (DOT): Aims To Stay Afloat Amidst Uncertain Market Downturn 

Polkadot (DOT), a decentralized protocol known for using parachains to enhance speed and scalability, is now facing challenges. This platform allows more transactions, governance, and staking tokens. Recent market conditions have put pressure on it, with bearish trends dominating its charts.

After its 2020 launch, Polkadot (DOT) was once hailed as a significant contender in the crypto space, but its value has steadily declined from a yearly high of $10 to its current price of around $4.18. Last week, it dropped by 0.4%; over the past month, it slid by 12%, raising concerns among investors. As Polkadot (DOT) struggles to hold the $4 mark, many holders are growing uneasy, fearing the possibility of further downward movement in the coming days.

Near Protocol (NEAR): Recovers From Hack, Faces Struggles In The Market

Near Protocol (NEAR) is another coin trying to stay competitive with ETFSwap (ETFS), but it recently faced a setback when its X (formerly Twitter) account was hacked. Unlike typical breaches aimed at promoting fake airdrops or rug pulls, this hack took a different turn. The unidentified hacker used the account’s popularity to post hate messages targeting the crypto and Web3 sectors, adding Near Protocol to the list of projects hit by multiple hacks.

Near Protocol (NEAR) is trading at $3.87 at the time of writing, having dropped 2% over the past week and 4.5% over the past month. Despite this decline, its 24-hour trading volume surged by 16.4% to over $154 million, while its market cap saw a modest 4.3% increase, reaching $4 billion. Despite the recent challenges, Near Protocol (NEAR) continues to rank among the top 20 coins, according to CoinMarketCap.

Why Analysts Say ETFSwap (ETFS) Is The Best Bet To Buy In September 

Analysts believe that ETFSwap (ETFS) is in the process of raising more than $4 million, and the token’s price will increase when entering the bullish stage in September. Polkadot (DOT) and Near Protocol (NEAR) investors have already started shifting their funds into ETFSwap (ETFS), recognizing its potential for significant returns.

With the presale still ongoing and tokens available at a low price, analysts say now is the time for investors to act and secure their position before the token’s price climbs further. ETFSwap’s presale performance shows that it is most likely to surge massively as it makes its next bullish move and ranks as the best ETF trading platform in 2024.

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Clark

Head of the technology.

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