Near Protocol Price Rises 4% to $3
Near Protocol (NEAR) price rose 4% on Friday. It reached the key $3.00 level. This short-term gain may lead to more growth. Traders show strong interest in NEAR derivatives. The Total Value Locked (TVL) on Near Chain remains steady, supporting demand for NEAR.
Growing Interest in NEAR Amid Stable DeFi Activity
Near Protocol has gained more attention as the crypto market stays volatile. Data from CoinGlass shows NEAR futures Open Interest (OI) rose over 2% in 24 hours to $395.95 million. This rise means traders are more confident and are opening long positions.
The OI-weighted funding rate climbed from 0.0050% on Thursday to above 0.0102%. This shows traders are willing to pay more to keep long bets, signaling optimism for higher prices.
- Long positions now make up 50.79% of trades, up from 47.95% the day before.
- Near Chain’s TVL stayed above $185 million on Friday, up from $164.76 million on October 1.
The steady TVL increase shows ongoing user interest. This could help push NEAR’s price higher.
Technical Outlook: Can NEAR Stay Above $3?
NEAR bounced off its 200-day Exponential Moving Average (EMA) at $2.87 on Friday. This supports the recent 4% price jump. The price may rise further, possibly triggering a Golden Cross between the 50-day and 200-day EMAs.
Key resistance levels are $3.35 and $3.63. NEAR needs to break these to confirm a bullish trend. The Relative Strength Index (RSI) rose to 55, showing a neutral to positive outlook. The MACD indicator shows sideways movement, indicating short-term uncertainty.
If NEAR falls below the 200-day EMA at $2.87, support levels are at the 50-day EMA of $2.80 and the $2.50 mark.
