NEAR Protocol (NEAR) recently experienced a significant pullback, dropping below the key moving averages. However, the market sentiment has improved, and NEAR, along with other altcoins, has seen gains as a result. The integration of Bitcoin Light Client and Relayer by the Aurora Ecosystem team is expected to further boost the NEAR protocol, enabling DeFi applications and expanding the Web3 mesh.
On the daily chart, NEAR Protocol’s price has been on a steady decline, but the bearish pressure has decreased, and buyers have gained traction. A daily close above the $5 mark could confirm an upward movement and potentially lead to a trendline breakout. The Moving Average Convergence Divergence (MACD) and RSI indicators show bullish momentum and a positive crossover, suggesting a potential bullish leg up.
According to @Waleedahmed, NEAR protocol price has formed a butterfly pattern, indicating an imminent bullish move that could push the price towards the $7 mark. Fib retracement levels suggest a sustained bullish reversal if NEAR crosses the 38.2% zone above $5.30.
Investors have shown confidence in NEAR Protocol, accumulating the token amidst the price pullback and the integration with Aurora Labs. Weighted sentiment has seen improvement, with positive sentiment among investors. Social metrics have witnessed an uptick, with increased online discussions and media buzz for NEAR.
While the market recovery could push NEAR towards the $5 mark in the next sessions, the token remains within a falling wedge pattern and continues to display range-bound moves until it surpasses $5. Futures traders have made fresh long positions, indicating expectations for a bullish leg up. The immediate support levels for NEAR are $4.00 and $3.6, while the key upside hurdle is around $5.00, followed by $5.40.