NEAR Price Analysis: Near Protocol Notches New All-Time Highs, What’s Next As the Crypto Market Searches Direction?

• Near Protocol (NEAR) notched fresh all-time highs of $11.31 on Sept 8.
• At the time of post, NEAR traded at $9.27, up 41.50% in the last 24 hours
• The market might consolidate a while before the next major move

As the cryptocurrency market searches for further direction in the wake of Tuesday’s leverage-driven price slide, Near Protocol (NEAR) notched fresh all-time highs of $11.31 on Sept 8. Near Protocol is a smart contract platform that uses parallel processing or ”sharding” to scale the network. At September’s start, Aurora, an Ethereum scaling solution that allows projects built on Ethereum to utilize the cutting-edge technology of NEAR teamed up with etherscan to allow developers to use the same familiar tool. At the time of post, NEAR traded at $9.27, up 41.50% in the last 24 hours and 81.20% with a market capitalization of $4.54 billion. Santiment speaks on the post-market crash, stating: ”As is usually the case on market-wide dips, the trading crowd rallied to buy the dip. Calls related to buy, buying, or bought soared to levels last seen in May. Altcoins, in particular, are recovering quite healthily currently”. Therefore the market might consolidate a while before the next major move.

Key Levels
Resistance Levels: $15.00, $13,00, $11.31
Support Levels: $7.00, $4.83, $2.50

NEAR/USD Daily Chart: Bullish

NEAR/USD Daily Chart

After a brief consolidation, NEAR embarked on a massive rally from lows of $4.83 on sept. 7, the day of the crypto market crash. The token extended its move further today to all-time highs of $11.31, gaining nearly 143% within the time frame. The RSI is yet to confirm overbought conditions above 80. If NEAR price crawls higher, the rally could enter uncharted territory until the $15 to $20 level. The narrowing distance between the MAs remains a key item to watch, with a bullish crossing set to complete in days.

Alternatively, in the scenario the market confirms overbought conditions, a short-term pullback should not be a surprise in coming sessions before the uptrend continues. A cluster of support would come in from the $6.94 level until the $4.58 level. Slightly lower, the focus will shift to the MA 50 and 200 at $3.98 and $4.16 respectively. Traders may be eagerly looking for a break above today’s peak at $11.31 to increase buying orders.

NEAR/USD 4-Hour Chart: Bullish

NEAR/USD 4-Hour Chart

NEAR resolved a bullish pennant formation on the upside in the four-hour chart, strengthening its uptrend to highs of $11.31 before retreating slightly to its current levels. Should bullish pressures persist, the door would open for the $20 and $30 levels. Nevertheless, any downside reversal may not upset traders unless the base around the MA 50 at $6.32 collapses.

In this case, the $5.14 level could immediately come to the rescue. Should it fail to hold, the sell-off may sharpen towards the MA 200 at $4.72. Summarizing, NEAR/USD is holding a bullish profile in the daily and 4-hour timeframes, though a near-term correction cannot be excluded as the RSI is approaching overbought levels.

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