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NEAR Protocol (NEAR) is rapidly gaining recognition within the Ethereum coin space. Recent developments highlight that “NEAR” has surged to the top of Google search trends, indicating heightened trader interest. This trend underscores the increasing attention of investors who see NEAR Protocol as a promising cryptocurrency with significant potential.
Investors view $NEAR as an undervalued token with substantial growth prospects. Its appeal lies in its utility for developers and its strong focus on decentralized finance (DeFi). This combination positions NEAR as a valuable asset in the evolving blockchain ecosystem, attracting both retail and institutional interest.
According to DappRadar, NEAR Protocol’s blockchain is among the leaders in transaction volume, reflecting high activity levels. The platform also demonstrates strong performance in total value locked (TVL) within DeFi applications. Notably, popular decentralized applications (Dapps) like Kai-Ching and Hot Wallet are built on NEAR, demonstrating its growing ecosystem and widespread adoption.
Currently, NEAR is trading at $6.15, experiencing a slight decrease of 0.1% and a significant drop of 18% over the past week. Despite this short-term volatility, NEAR has surged by 400% over the year. By market capitalization, NEAR ranks among the top 20 tokens globally, as reported by CoinGecko. The 14-day Relative Strength Index (RSI) for NEAR stands at 42.7, while the one-week RSI is at 66.87.
NEAR Protocol Eyes $16 Target Amid Market Volatility
Crypto analyst Morecryptoonl provides an in-depth technical analysis of NEAR, focusing on crucial support and resistance levels and potential price movements using Elliott Wave Theory. The current price action is crucial for traders, as NEAR hovers above a vital support level at $4.97, which is key to maintaining a bullish outlook.
According to the Elliott Wave Theory, market prices follow discernible wave patterns influenced by investor sentiment. Morecryptoonl’s chart marks several key waves, indicating NEAR is in the second wave of a potential five-wave sequence. Holding above the $4.97 support level suggests a possible third wave, typically indicating a significant upward movement.
The analysis includes Fibonacci retracement levels, which are vital for identifying potential support and resistance zones within the wave structure. These levels (0.382, 0.5, 0.618, 0.786) are drawn from significant highs and lows, representing points where the price might stabilize or reverse. Currently, NEAR is trading between these levels, indicating potential areas for price stabilization or reversal.
Morecryptoonl also identifies an invalidation level at $3.85. If NEAR’s price falls below this point, the current wave count and bullish scenario may be invalidated. This would necessitate a re-evaluation of the market’s direction, as the anticipated third wave upwards to $16+ would no longer be valid.
For the bullish scenario to unfold, NEAR must sustain its price above $4.97 and initiate an upward move. If successful, the third wave could target significant price levels, initially around $10.5, potentially extending to $16 or $21. These targets are based on typical extension ratios observed in Elliott Wave Theory, where the third wave is often the most extended and powerful.
Morecryptoonl’s detailed analysis provides a roadmap for NEAR Protocol’s potential price trajectory. The critical takeaway is the importance of the $4.97 support level for sustaining a bullish outlook. As long as this level holds, NEAR Protocol could embark on a significant upward journey driven by the anticipated third wave, with substantial price targets in sight. However, a fall below the $3.85 invalidation point would require a reassessment of this optimistic forecast.
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