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Near Protocol traded at $6 in mid-August, the highest since May.
The token is trading near the support at $4.2 amid recent declines.
NEAR could be bullish if a successful recovery of $4.2
Near Protocol NEAR/USD traded at monthly highs above $6 in mid-August. The last time the token hit such a high was in May. However, recent weakness has pushed the token just below the $4.2 support zone or back to $4.0 which is in the support zone. At the time of writing, NEAR was trading at $4.26. Prices were weak, but the bulls were battling the bears. This provides the potential for the token to move higher if the price overcomes the slump.
Near Protocol is gaining momentum from Ethereum’s recovery. In particular, the anticipated Ethereum Merge is increasing the liquidity of Layer 1 protocols. The near protocol has cooled so far as the Ethereum rally has also slowed. However, we do know that volatility may gradually recede as we approach the planned merger date of September 15th. We can’t confirm how much Merge will boost his NEAR, but investors will be watching. A price recovery to hold $4.2 would be a bullish catalyst.
Source TradingView
The technical outlook shows that NEAR is struggling to hold the $4.2 level. The token is approaching oversold levels but still has room to fall. There is currently no directional movement and further declines cannot be ruled out.
Nevertheless, if the bulls hold on to $4.2, the price could spike. Tokens should be carefully monitored for potential consequences.
Near Protocol tokens are working on supporting $4.2. The bulls will take over if the price recovers from the support. The bears will rule if the price breaks down below $4.2. The token is what keeps tabs.
