NEAR, the native token of the AI ​​and privacy-focused Near protocol, has been an outlier in the broader cryptocurrency market, outperforming top coins such as Bitcoin (BTC) and Ether (ETH) in recent weeks.
On Tuesday, NEAR traded at $2.75, marking a nearly 20% rebound in the last 24 hours. For comparison, the cryptocurrency market capitalization decreased by 3.7% in the same period.
Four-hour chart of NEAR/USD. Source: TradingView
Key takeaways:
- NEAR’s rebound from its multi-year low increases the likelihood that its price will rise towards $3.77.
- Fundamentals remain favorable, with NEAR Intents processing $19.69 billion in volume and generating $32.64 million in fees.
NEAR fractal plans to boost prices by 40%.
NEAR’s weekly chart shows the token rebounding from the long-term low area near $0.90-$1.10, a zone that also preceded its major rallies in 2021 and 2024.
The rebound from the 2021 trough resulted in a 2,375% gain, while the 2024 recovery saw a 900% gain ahead of the peak. In each case, the rally exhausted itself at the descending resistance of the NEAR trendline.
NEAR/USD weekly chart. Source: TradingView
The current configuration is smaller but structurally similar. NEAR price rebounded 225% on Tuesday after bottoming in the $0.90-$1.10 area in February and approaching multi-year downtrend line resistance.
The main upside target was hovering around the $3.40-$3.77 range, which coincided with the NEAR 200-week exponential moving average (200-week EMA, blue line) and the Fibonacci retracement level at 0.382.
This would mean a price boost of approximately 25-40% compared to current prices.
Related: NEAR Protocol Leads AI Token Rally with 50% Pump: Will $5 NEAR Be Next?
On the other hand, NEAR faces mighty resistance in the $2.61-$2.72 area, a range coinciding with the 100-week EMA (purple) and the 0.236 Fib line.
NEAR/USD weekly chart. Source: TradingView
Failure to break this level decisively may result in a retreat towards the 5-week EMA of approximately $2, or approximately 30% compared to current prices. Moreover, NEAR’s weekly Relative Strength Index (RSI) is near 68, showing that momentum is mighty but approaching overheating.
A move above 70 would place NEAR in a classic overbought zone, increasing the chances of a short-term consolidation or pullback towards $2.
CLOSE Intentions, June update supports the bullish case
NEAR’s fundamentals are in favor.
Investor sentiment has improved around protocol artificial intelligence, privacy, and cross-chain infrastructure development.
This includes NEAR Intents, a cross-chain trading system that allows users to transfer assets between blockchains without manual bridges or fragmented liquidity.
According to the data, the product processed $19.69 billion in volume and generated approximately $32.64 million in fees. DefiLamy data.
Close to TVL intentions, fees, revenues and DEX volumes. source: DefiLlama
The bullish trend also strengthened ahead of the expected June upgrade of the NEAR network, which is scheduled to be implemented active resharding.
This feature is designed to automatically boost network capacity as demand increases, improving scalability without requiring users or developers to manage the underlying infrastructure.
BitMEX co-founder Arthur Hayes predicted that NEAR’s price will boost 20x in the long run.
