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Crypto Analysis: NEAR Protocol Surges By 9% as WIF Plots Recovery

Near is seeing a significant decline in momentum as dogwifhat is currently printing a hammer.


Near protocol has been bullish throughout the last seven days. As a result, the coin is up by over 12% on the weekly scale. The latest reading on the 1-week timeframe continues the positive trend that started the week before.

A scan through the web suggests that the coin had some significant fundamentals boost. One report stated that the asset has many features that keep drawing traders and keeping them. Due to this, it saw the most significant user retention among other layer 1, and adoption grew by over 9%.

One of these newest use cases is Near protocol integration into the Hot protocol launch. The latest project will allow telegram users to create self-custodial wallets. Being an AI cryptocurrency, the latest surge the asset is enjoying also reveals a growing interest in AI.

Regarding prices, NEAR is slowly coming to a halt as the bulls struggle to continue the uptrend. Over the last five days, it has failed to gain stability above $7.50. Nonetheless, the cryptocurrency bounced off the 100-day EMA before the latest trend.

Will Near Retrace?

This is not the first time the most recent trend has been seen in the asset. Before the previous dip, it also failed to stabilize above $7.50. After the failed attempt, it dipped by almost 29%.

The same may play out this time. The accumulation/distribution chart shows several sharp drops that were not reflected in the price. Traditionally, this means that the asset will experience those dips. Additionally, at the time of writing, the metric is almost parallel in opposition to the significant hike in price.

On the other hand, the relative strength index depicts a significant increase in buying volume in the last 24 hours. This is because altcoin saw a more than 10% surge in trading volume. As a result, it resumed its uptrend at 58. This reading places the bulls at an advantage.

In response, the moving average convergence divergence continued its uptrend. At the time of writing, the space between the 12-day EMA and the 26-day EMA is at its highest since the bullish divergence. Nonetheless, this streak fluttered during the previous intraday session.

With price trends favoring the bears, the bulls will look to stage defenses at several levels. It is essential to keep prices above the pivot point at $6.58. Per the PPS, failure to defend this level will result in the asset retracing as low as the first pivot support at $4.

Nonetheless, the buyers will look for buyback opportunities between the 50% and 61% Fib. If the altcoin breaks $6, it may find support at $5.92 (50% Fib). Further decline will see the bulls mount more demand concentration at $5.56 (61% fib).

However, if the crypto market trajectory changes, the asset will look to test its first pivot resistance at $9.71.

Dogwifhat Candlestick Shows Reawakened Bulls

A few hours to the time of writing, dogwifhat retraced to a low of $2.61. It rebounded and is trading above $2.70. This means the token experienced buyback following its dip as the bulls became active. Nonetheless, it is down by over 3% at the time of writing.

The latest price movement shows the asset is printing a hammer. Traditionally, this candlestick is present at the end of a downtrend, signifying the end of downhill. Additionally, due to the most recent pullback, WIF trades above the 50-day EMA.

If the positive readings hold, the memecoin will look to climb above its pivot point at $3.41. Nonetheless, the bulls will accumulate around $3 to achieve this feat as the bears stage massive retracements at $3.20.

However, indicators do not support the latest bullish readings. For example, despite the latest buyback, the RSI is still on a downtrend. The moving average convergence divergence prints the same negative reading. The 12-day EMA continues its decline.

This may mean a drop as low as the first pivot support at $2. Nonetheless, the bulls will forward to a possible pullback at $2.52 (50% fib).

Gideon Geoffery