Bitcoin price increase since last Saturday has positively impacted the market. While the rise in cryptocurrencies continues at full speed, some projects seem to have carried the upward trend that started last week into today, and unlike some of their competitors, they continue to gain strength by maintaining their upward movement today.
Current Status of NEAR
One of the projects that benefited the most from the market rise in the last week was none other than NEAR. The sharp rise in the Chaikin Money Flow (CMF), which allows seeing the cash flow entering and exiting the market for a specific cryptocurrency, indicated an upward trend on the NEAR side. This increase in capital inflow in NEAR can be clearly interpreted as an increase in demand, which can also be seen in parallel with an increase in interest.
The increase in demand on the NEAR side can create a positive impact on the price and can be interpreted as a noticeable increase in purchases by investors. With the ongoing positive outlook in the market, market sentiment can also become more acceptable, potentially triggering an increase in NEAR’s value.
On the other hand, liquidations related to short positions in NEAR have exceeded almost 1 million dollars in the last 24 hours. This liquidation amount faced by investors can create an environment that forces investors with short positions to abandon their current stance.
The increase in liquidations related to short positions can not only cause an abandonment of these positions but also trigger price stability and consequently an upward movement.
NEAR Price Prediction
After an approximately 37% rise in the last week, the NEAR price was finding buyers around the 6.20 dollar region at the time of writing. While doing this, the altcoin also supported its rise by surpassing the resistance at the 6.06 dollar region, which corresponds to the 23.6% Fibonacci retracement level. On the other hand, the mentioned level can turn into support and pave the way for new rises.
Despite all these situations, if the closings do not occur above this level, the price may start to move in the opposite direction. If the upward trend turns into a downward movement, the NEAR price can fall to the dangerous support level at 5.20 dollars.
