NEAR price surges 18% in 24 hours: Do predictions favor the bulls?

• NEAR’s price has risen to its highest point this year.
• The month so far has been marked by a surge in demand for the NEAR blockchain.

NEAR, the native token of the NEAR Protocol, has surged to its highest price point since the year began.

Seeing the most gains in the last 24 hours, the token exchanged hands at $2.73 at press time. According to CoinMarketCap, the altcoin’s value has risen by 18% in the last 24 hours and by 26% in the last week.

Source: CoinMarketCap

Its current value surpasses its previous peak of $2.54, which was established earlier this year. The token’s market capitalization has also grown substantially, currently hovering around $2.7 billion. 

The Bulls are here!

The double-digit price rally recorded in the last 24 hours coincides with the upward intersection of the token’s MACD line with its trend line. Readings from NEAR’s price movement on a daily chart showed that this occurred during the intraday trading session on 19th December.

When a coin’s MACD crosses above its trend line, it is a bullish signal and is often followed by price appreciation. This is because the shorter-term EMA (MACD) is outpacing the longer-term EMA (signal line), indicating a potential shift in trend direction.

Signaling the jump in NEAR demand in the last 24 hours, its Relative Strength Index (RSI) rested at the overbought spot of 70.28 at press time. Also, the alt’s Money Flow Index (MFI) was 68 in an uptrend.

The values of these key momentum indicators showed that NEAR accumulation significantly outpaced sell-offs among daily traders. 

Likewise, the token’s Chaikin Money Flow (CMF) trended upward as of this writing. At 0.11, the NEAR market was being supplied with adequate liquidity, increasing the possibility of further price growth. 

Source: NEAR/USDT on TradingView

It has been a good month on NEAR

Data from Artemis revealed that the NEAR blockchain has recorded a notable uptick in network activity since the month began.

According to the data provider, the daily count of unique wallet addresses sending on-chain transactions on the network has climbed by 975%.

For context, between 1st and 18th December, the number of daily active addresses on NEAR increased from 93,000 to over 1 million.

Source: Artemis

Read NEAR Protocol’s [NEAR] Price Prediction 2023-24

As a result of the uptick in daily addresses, transaction counts on the network have also surged. Data from Artemis showed that this has increased by 169% since 3rd December.

The growth in NEAR usage in the last month has also impacted its DeFi total value locked (TVL). Increasing by 23% in the past 20 days, the network’s TVL currently sits at a nine-month high.

Source: Artemis