• Near Protocol (NEAR) has gained +8% this week, following almost four months of downside price action.
• The project is continuing to push frontiers with Java-based smart contract programming and recently ranked #4 in DeFiance’s most secured networks.
• NEAR is currently trading at $1.18, with an upside target of $1.31 (+11.6%) and downside risk limited to $1.10 (-6.22%).
Near Protocol Price Analysis
Layer-1 blockchain project Near Protocol (NEAR) has jumped up +8% so far this week, amid an emerging bounce that could see NEAR reclaim position atop the 20DMA. This comes following almost four-months of bleak downside price action for NEAR, which has bled-out half its value (-50%) since April 19.
Continued Push To Build
But while price has been sliding, NEAR protocol has been building, with the project continuing to push frontiers with Java-based smart contract programming . Most recently, leading DeFi aggregator DeFiance ranked NEAR as the #4 most secured network.
Current Price Action
Amid the mounting recovery, NEAR remains low in the narrowing trading channel, with NEAR trading at a market price of $1.18 (a 24-hour change of +0.68%). This comes after price fell-away from the descendant 20DMA on August 15, in a tumultuous -25% tumble.
Upside Target & Downside Risk
Now pushing back up, the 20DMA forms a key target for NEAR at $1.30; however, it is notable that the 20DMA is situated immediately above a historic support level at $1.25. Given the tough area of resistance around the 20DMA since July 24, it seems likely $1.25 will form a foothold for NEAR to test resistance in case of an upside move.
NEAR’s indicators support this view; with RSI showing bullish divergence at 36.30 (oversold signal), and MACD showcasing only minor bearish divergence at -0.010.
Overall, NEAR is facing a tight range on short-time frame with an upside target at $1.31 (a possible +11.6% move), and downside risk limited to recently established price level at $1.10 (a potential -6.22% move). This leaves Near Protocol with a risk: reward ratio of 1/88 – solid entry opportunity with upside potential.
Is It Too Late To Buy?
Given current indicators and chart analysis it does not seem too late to buy near protocol – though investors should note there are still risks involved when investing in any asset class.