What to know:
- NEAR retested the midline of its descending channel, hinting at a bullish breakout if support stays above $1.50.
- Analysts target $2.00, $2.60, and $3.40, with resistance at $4.30, $5.90, and a long-term $8.00.
- NEAR’s MACD shows a bearish crossover as price tests the 20-day SMA, signaling a neutral-to-bearish short-term bias.
NEAR Protocol (NEAR) is entering a decisive technical phase after retesting the midline of a long-term descending channel on the 3-day timeframe.
According to the crypto analyst Jonathan Carter, this level previously acted as resistance, and the current pullback is testing it as support. Holding above this zone could confirm a bullish breakout and signal strengthening market momentum.
Source: Jonathan Carter’s X Post
If the support holds good, the targets would be around $2.00, $2.60, and $3.40. However, the token would face resistance at $4.30 and $5.90, with a long-term target at $8.00.
But if the token fails to hold the midline support, the token would fall back into the channel, thereby weakening the breakout pattern.
Also Read: NEAR Protocol Price Crashes Below $1.42 Support: Potential 30% Decline Looms
NEAR Technical Outlook Points to Cautious Optimism
According to TradingView, NEAR Protocol (NEAR) shows a strong recovery from its lows of February, recently hitting a high of around $1.50 before entering a correction phase.
Currently, the price action is testing the 20-day simple moving average, which is also the middle Bollinger Band. This is a critical level for the bulls to hold; otherwise, the lower band of around $1.17 is the major level of support.
Source: TradingView
The technical indicators also point to a momentum shift, as the MACD line crosses below the signal line, resulting in the appearance of red-colored histogram bars.
This is a bearish signal, indicating a weakening of buying pressures. While the overall trend was strong, the narrowing of price around the basis shows a neutral-to-bearish bias, which needs a strong bounce to take the price back into bullish territory.
Venice Integrates NEAR AI for Verifiable Crypto Privacy
Apart from this consolidative price movement, a new milestone in privacy was announced by the integration of NEAR AI with the Venice protocol on Friday, March 20. Confidential inference with cryptographic verification was enabled through the integration.
This enables artificial intelligence calculations to be carried out without leaking user data, with mathematical proof of privacy. This is hoped to increase trust in decentralized applications as artificial intelligence becomes increasingly adopted in the industry.
Source: NEAR Protocol’s X Post
The developers claim that this could potentially redefine privacy levels in crypto by showing that data can be secure even in complex AI processes.
In order to discuss this development further, industry experts will be holding a live conversation on X to discuss confidential computing, verifiable privacy, and more as the need for secure blockchain technology grows at a rapid rate.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: NEAR Slides to $1.28 as Momentum Weakens, $2.00 Target in Focus
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