Near Protocol is on a bullish rampage, relative to its altcoin peers.
The coin’s growth is hinged on the now-ambitious push toward AI.
The digital currency ecosystem is experiencing an unprecedented bearish slip at the moment, a major reversal from the uptick assets like Bitcoin (BTC) recorded on April 26. Near Protocol (NEAR) is in the spotlight at the moment as its price has inked an unexpected growth trend compared to other established altcoins in the market.
The NEAR Price Outlook and Catalysts
According to data from Marketcap, Near Protocol is currently changing hands for $6.8, up by more than 20% in the past 7-day period.
The rebound of NEAR positions it in a different light when the market performance of BTC and ETH is considered. Relative to NEAR’s 20% weekly growth, Bitcoin has dropped by 1.55% in the same time span.
While Ethereum has also recorded a 2.3% uptick in the past week, its growth generally trails that of NEAR. This stellar showing has tipped NEAR for an impending long term growth. The digital currency has generally displayed an increased buying momentum past any likely selloffs that abounds in the ecosystem.
It’s 24 hour surge shows this trend as it is mildly up by 3.1% to $600,899,716. The embedded build-up in its growth trends has highlighted why it is a prime candidate for more breakout in the coming weeks. According to earlier reports from Crypto News Flash, analysts have been tipping NEAR for a bullish growth thus far this month.
The ultimate price target for NEAR is $10 in the long term and current technical indicators point in this direction. The Moving Average Convergence Divergence (MACD) is flashing a growing greenish histogram. This implies more uptick is ahead for NEAR. The Relative Strength Index (RSI) is pegged at 54 shows its best is yet to be harnessed.
Conversations on whether or not the price of NEAR will continue rising is a function of bull’s sentiment. If the $6.8 support level is maintained, bulls might reckon that the worst is over and might go all out in buying more NEAR. If this scenario plays out, successive breaches of $8 and $10 resistance points cannot be ruled out.
The AI Pivot
Besides the key technical trends that is weighing bullishly on the performance of NEAR, the pivot into the Artificial Intelligence (AI) ecosystem has also formed a major catalyst for the protocol. While its primary engagements has not been unveiled yet, Near Protocol developers are at the tail end of revealing their rebooted pivot into the AI scene.
NEAR was originally designed as an AI project before diversifying into blockchain. With AI coming off as the next biggest thing in the crypto ecosystem and the broader tech world, Near Protocol might be integrating the technology as the next phase of its ambitious future plans.
