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Why is NEAR up more than 7% in the last 24 hours?

 


The cryptocurrency market has lost more than $200 billion in the past few days.


The cryptocurrency market has been in a bearish trend for the past few days. Over the weekend, the market lost more than $200 billion as the total crypto market cap fell from $1.7 trillion to $1.5 trillion.


In the last 24 hours, the market has lost almost 4% of its value. Bitcoin shed its main support level above USD 35,000 and is now struggling for the USD 33,000 point. There could be more losses in the coming days.


Ether has also dipped below the psychological $2,500 level and further losses may force ETH bulls to defend their position above $2,000.


NEAR, the native token of the Near ecosystem, has performed best among the top 20 cryptocurrencies by market cap over the past 24 hours. The coin has gained more than 7% in value during this period.


However, there is no important catalyst behind NEAR's continued positive performance. NEAR might have a hard time sustaining this uptrend as the broader market is currently bearish.


Important levels at a glance

The NEAR/USDT 4-hour chart is still bearish despite the continued positive performance. However, technical indicators show that NEAR's value is slowly recovering.


The MACD line is below the neutral zone as NEAR has been in a bearish trend for the past few weeks. The 14-day RSI of 50 shows that NEAR is no longer in an oversold territory.


At the time of writing, NEAR is trading at $11.07 per coin. If the rally continues, it could surpass the first resistance point at $12.40. However, the second resistance level at $13.285 should limit further upside.


With the broader market still bearish, NEAR could reverse its gains. NEAR may be forced to defend its first major support level at $9.046 before the end of the day.

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