Near Protocol seems to gain 9% as bulls attempt to outsmart bears at $4.2

Protocol Token Near Buyers of NEAR/USD are holding out optimism as the coin recovers $4.2. The level is the recognised support for the Layer-1 network token. The token gained more than 9% in a single day, wiping out some earlier losses. The increases brought NEAR up to $4.2, but the impetus was still feeble. Additionally, the trading volume climbed by 6.0% in only 24 hours, indicating stronger buyer pressure. So why is NEAR on the rise?

The recent recovery in NEAR might be explained by a number of different variables. Spot checks show that the mood about cryptocurrencies is getting better generally. In keeping with the cryptocurrency attitude, Near Protocol is regaining strength. NEAR increases, however, outperformed most cryptocurrencies. The anticipated Ethereum Merge later this month could be helping Layer-1 blockchains.

It is obvious that there is no particular event raising the Near Protocol token. A technical reader should keep an eye on the present price over the next days, nevertheless.

Price analysis

After taking the $4.2 mark, NEAR is currently trading at $4.6. The additional purchasing pressure near the support might have been brought on by the modest breakout. Another positive sign for the cryptocurrency is a MACD crossover that crosses above the moving average. Support has merged with the 20-day moving average. Price has not yet risen above the 50-day moving average.

Closing thoughts

At these prices, NEAR may be a good buy as bullish indicators develop. Following the closing of the daily candlestick, we need to wait for a bullish confirmation. The bull call might be void if the candlestick passes below. Nevertheless, it is critical to keep an eye on NEAR at the $4.2 level.