Near Protocol gains 9% as bulls try to outwit bears at $4.2

• Near Protocol Token Gains 9%, Reclaims $4.2

• Potential Reasons for Cryptocurrency Recovery and Expected Ethereum Merge Surge

• Momentum Remains Weak, But NEAR Could Start a Bullish Rally If It Holds $4.2

Buyers of the Near Protocol Token NEAR/USD remain hopeful as the token will recover $4.2. Levels are established support for tokens in Layer 1 networks. The token surged over 9% in a single day, wiping out some of its previous losses. The upside took him just above $4.2, but the momentum remained weak. Trading volume also increased by 6.0% in 24 hours, indicating increased buying pressure. So why is NEAR increasing?

The recent recovery in NEAR could be explained by a combination of factors. Spot checks show that overall cryptocurrency sentiment is improving. Near Protocol is recovering in line with cryptocurrency sentiment. Nonetheless, NEAR’s gains outpaced most cryptos. An Ethereum Merge scheduled for later this month could give a boost to layer-1 blockchains.

Apparently, there is no specific event that boosts Near Protocol tokens. For technical readers, however, the current price is something to watch over the next few days.

Near Protocol Token Price Action on Daily Chart

Source TradingView

NEAR trades at $4.6 after reaching the $4.2 level. A minor breakout may have triggered increased buying pressure at the support. MACD crossover above the moving averages is another bullish indicator for the cryptocurrency. The 20-day moving average added support. The price has not yet crossed the 50-day moving average.

final thoughts

NEAR is a potential buy at current levels as bullish signs are emerging. After the close of the daily candlestick, we have to wait for a bullish confirmation. If the candlestick crosses below, the bull call could be invalidated, but it is important that he watches NEAR at $4.2 levels.