NEAR spikes nearly 31% in 30 days, bulls eye $6 target

NEAR Protocol is currently one of the top performers in the market and the bulls are aiming to capitalize on the uptrend to break past a key psychological barrier.

Notably, NEAR Protocol (NEAR) has seen a notable surge over the past month, gaining almost 31%. Most of its recent performance came from a notable daily gain of 14.43%, its biggest in over four months.

NEAR 1D chart – September 24 | Source: crypto.news

This comes after the partnership between leading AI chipmaker Nvidia and Alibaba, which received a positive response from AI tokens.

At press time, NEAR was trading at $5.217, up 6.36% in the last 24 hours. The latest rally took its market cap to $5.79 billion, with a daily trading volume of $890 million.

This rise has carried the asset above the upper Bollinger Band, currently at $5,072. This position suggests that NEAR is overbought but confirms strong bullish momentum in the short-term.

Additionally, the Commodity Channel Index rose to 224.85 following the recent rally. A CCI reading above 100 is considered overbought. As a result, caution is warranted as such high readings often precede corrections.

However, after a minor decline this morning, NEAR Protocol retested the upper Bollinger Band and sustained a value above it, suggesting that bulls were firmly in control of the market at the time of reporting.

This momentum could continue if the buying pressure persists. NEAR is currently facing a critical juncture as it approaches the $5,469 and $6,301 resistance levels.

The $6 psychological level is a key target for bulls. However, the last time NEAR approached $6, it encountered strong resistance at $5.9, which led to ten consecutive days of losses.

For the bulls to break above this level, NEAR must consolidate above $5,469 and maintain its current momentum. Failure to move above $5,469 could see a pullback to the pivot level support at $4,954 or even lower to $4,121.