NEAR price surges 18% in 24 hours: Do predictions favor the bulls?

December 21, 2023

By Abiodun Oladokun

• NEAR’s price has risen to its highest point this year.

• The month so far has been marked by a surge in demand for the NEAR blockchain.

NEAR, the native token of the NEAR Protocol, has surged to its highest price point since the year began.

Seeing the most gains in the last 24 hours, the token exchanged hands at $2.73 at press time. According to CoinMarketCap, the altcoin’s value has risen by 18% in the last 24 hours and by 26% in the last week.

Source: CoinMarketCap

Its current value surpasses its previous peak of $2.54, which was established earlier this year. The token’s market capitalization has also grown substantially, currently hovering around $2.7 billion. 

The Bulls are here!

The double-digit price rally recorded in the last 24 hours coincides with the upward intersection of the token’s MACD line with its trend line. Readings from NEAR’s price movement on a daily chart showed that this occurred during the intraday trading session on 19th December.

When a coin’s MACD crosses above its trend line, it is a bullish signal and is often followed by price appreciation. This is because the shorter-term EMA (MACD) is outpacing the longer-term EMA (signal line), indicating a potential shift in trend direction.

Signaling the jump in NEAR demand in the last 24 hours, its Relative Strength Index (RSI) rested at the overbought spot of 70.28 at press time. Also, the alt’s Money Flow Index (MFI) was 68 in an uptrend.

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