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Cryptocurrency enthusiasts know how much Ethereum dominates over altcoins. However, some teams continue their efforts to compete with ETH or at least provide an alternative. In this context, NEAR positions itself in such a place. NEAR, closely followed by investors, has drawn the attention of some analysts to important points.
Analyst's Near Comment
Real Vision crypto analyst Jamie Coutts from the Real Vision team noted that NEAR, positioned as an Ethereum (ETH) competitor, has shown a bullish outlook in key indicators.
In the past, the analyst, who also worked at Bloomberg, stated in a statement to thousands of people on social media platform X that NEAR Protocol (NEAR) could potentially experience an increase of over 47% from its current value.
Absolute price momentum: It has been consolidating since March. If it breaks the resistance around $7.60, where a volume cluster traded in previous months, the technical formation appears to be highly inclined to rise. Breaking the formation neckline will create a target above $10.50 (+30%) and establish a high conviction.
The analyst pointed out that NEAR formed a reverse head and shoulders pattern (I-HNS) by referring to the chart he prepared. I-HNS is defined as a right-shouldered rising technical formation that indicates the presence of investors willing to buy the cryptocurrency before a decline to previous lows without experiencing a decline in price by bulls.
The analyst also noted that NEAR could potentially move in an upward trend against Bitcoin (NEAR/BTC) and Solana (NEAR/SOL).
Relative price momentum: positive against NEAR, SOL, and BTC and ready to rise.
According to another analysis, there is a significant increase in the daily active users (DAU) on the NEAR network compared to other smart contract platforms, which can be considered as another bullish signal.
Absolute active user momentum: NEAR's daily active user count increased from 50,000 to 1.76 million last year. Apart from NEAR, this number rose from 5.4 million to 8.75 million.
The analyst also notes that the growth rate in user count is significantly higher than the overall growth rate of other layer-1 and layer-2 projects.
Relative active user momentum: this means 33 times growth compared to 0.6 for the rest of the L1/L2 ecosystem.
How much is NEAR in dollars?
NEAR is currently finding buyers at $7.12 as of the writing time, after experiencing a 2.51% decrease in the last 24 hours. During this period, the market cap decreased to $7.6 billion, while the 24-hour trading volume also dropped to $312 million, a decrease of 35%.
The decrease in trading volume in the past 24 hours can be interpreted as a lack of investor interest. Additionally, the situation can be associated with investors not wanting to sell their NEAR at the current level.
Considering all these, it is important not to forget that a possible Bitcoin price movement or positive news from the world, especially from the United States, can have positive effects on the market and NEAR. #ContentStar# #HotTopicDiscussion#