Near Protocol (NEAR) May See a Bounce From Crucial Support Levels as Market Awaits Ethereum (ETH) ETF Listing

Near Protocol (NEAR) is facing immense selling pressure, thus passing through a hard time. Altcoins see gains dwindle as the broader crypto market is held

Cryptocurrency market continues to experience turbulence, with altcoins seeing their gains diminish. Among them, Near Protocol (NEAR) has faced substantial selling pressure.

However, market analysts remain optimistic about NEAR's future price action, anticipating a potential bounce in Bitcoin that could serve as a catalyst for broader market recovery.

Despite the token's recent struggles, market observers still anticipate a significant upward rally for NEAR.

The token has experienced a 16% decline over the past week and a steeper 20% drop over the last 30 days, reflecting the prevailing bearish market trends.

However, anticipation remains high for the upcoming listing of an Ethereum ETF, which could provide a boost to the entire cryptocurrency space.

Following the listing of a Bitcoin ETF, historical evidence suggests a substantial surge in prices.

At the time of writing, NEAR is trading at $5.63, with a 24-hour trading volume of $482.81 million and a market capitalization of $6.08 billion. The token's price has decreased by 5.61% in the last 24 hours.

As the market awaits further developments, all eyes are on Bitcoin's recovery and the potential listing of an Ethereum ETF, both of which could significantly impact the direction of NEAR's price.

Crypto Analyst Eyes NEAR Protocol's Potential Rally to $11.00

In an interesting development, a renowned crypto analyst, Jonathan Carter, has provided a bullish outlook on the price trajectory of Near Protocol, even amidst the prevailing bearish market conditions.

Carter's analysis suggests that NEAR's price is currently consolidating within a range and encountering strong support around the $5.75 mark, a level further confirmed by the 50-day Moving Average (MA 50).

According to Carter, a breakout above this consolidation phase could potentially trigger a rally, pushing the price towards $11.00. This optimistic forecast is largely premised on the pivotal support level that NEAR has managed to establish, setting the stage for future gains.

Moreover, the Changelly price prediction for NEAR Protocol anticipates an increase of 13.15% to $6.71 by June 2024.

According to technical indicators provided by Changelly, there is a mixed sentiment in the market, with a bear-bull indicator shifting 33% of the time.

Meanwhile, the Fear & Greed Index for the token currently shows a score of 74, indicating a strong sense of greed.

Both Carter's technical analysis and Changelly's predictions paint a promising picture for the future of NEAR Protocol. As the broader market weathers bearish trends, traders and investors will be eagerly watching for a breakout from the consolidation to confirm the anticipated momentum. The token's price is currently experiencing a tight consolidation that could propel it towards substantial gains.