Near Protocol has exploded as social media posts tease an upcoming announcement, sending NEAR price on a +37% skyrocket – is it too late to buy Near protocol.
A fresh cryptic tweet on the Near Protocol X account has teased markets with an impending announcement at NEARCON23 (set for November 7-10 in Lisbon, Portugal).
Don’t miss some of the biggest open web announcements of the year at NEARCON23.
Get ready for ▆▆▆▆▆▆, NEAR Foundation’s work with ▆▆▆▆▆▆ to develop ▆▆▆▆▆▆, and a whole lot more.https://t.co/L5zIbeDNPS pic.twitter.com/YDASEQ98On
— NEAR Protocol | NEARCON | November 7-10 | Lisbon! (@NEARProtocol) November 2, 2023
The Near Protocol community is now rife with speculation surrounding the cryptic teaser – with some suggesting it could be linked to a potential partnership with layer-1 scaling blockchain Saito.
There have been interactions between Near Protocol and Saito in the past, with the blockchains featuring in each other’s media promotions – Near Whiteboard and Saito Fireside.
NEAR Price Analysis: Is it Too Late to Buy Near Protocol Following Sensational +37% Skyrocket Move?
As the dust settles from the dramatic rally, NEAR is currently trading at a market price of $1.51 (representing a 24-hour change of -0.52%).
The huge pump Yesterday was triggered by a strong bounce from historical support at the $1.325 price level, in a sudden move that saw price hammer back above the 200DMA.
NEAR price action hasn’t touched the 200DMA since rejection on April 19, highlighting the significance of this major breakthrough.
Meanwhile, the 20DMA sits ascendant but far below ongoing NEAR price action (-23%), providing reassurance to lower support at $1.16.
Yet, despite the bullish price move, NEAR’s RSI indicator is ringing the warning bells – with a substantial bearish divergence at 87.65 suggesting NEAR is overbought.
While the MACD is reflecting the continued bullish momentum with a positive reading at 0.047.
Overall, ahead of NEARCON23, Near Protocol looks strong here, with a plethora of lower supports available to an RSI-teased retracement move.
To the upside, NEAR price is targeting a short-time frame move above historic resistance at $1.60 (a possible +5.19%).
While downside movements could see NEAR crash back down to lower support at $1.325 (a potential -12.89%).
This leaves Near Protocol with a risk: reward structure of 0.4, a weak entry characterised by oversized risk of retracement – suggesting that a better entry could be found later this week.
But while NEAR price seems likely to face retracement on the short-time frame, the TG Casino presale has rapidly grown as markets anticipate a new alternative to Rollbit.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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