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NEAR Protocol price is up 26% in the last 24 hours to trade for $3.525 as of 12:25 a.m. EST time, with trading volume surging 65%.
It comes after a hard pump with NEAR Protocol price standing 250% up since the broader market turned bullish on October 18. NEAR is also up 66% since it broke out of the early December consolidation.
Nevertheless, the token is already massively overbought with the Relative Strength Index (RSI) reading at 80. Pointing to buyer exhaustion, on-chain behavior analytics tool Santiment anticipates a price top soon for NEAR, Solana (SOL), and Stacks (STX).
🗣️ #Solana (+13%), #Stacks (+23%), and #NEARprotocol (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO will create price tops. If holding any, take a cautious approach. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea
— Santiment (@santimentfeed) December 21, 2023
Santiment Advises A ‘Cautious Approach’ As NEAR Protocol Price Peaks
The assumption, according to Santiment, comes as mainstream attention could cause late investors to chase the fear of missing out (FOMO). This is often a recipe for a possible price top that then triggers a pullback.
According to Santiment, the social volume has spiked, pointing to increased mentions of NEAR token on more than a thousand crypto-related social media.
NEAR Protocol Price Prognosis
The NEAR Protocol price is confronting the $3.803 range high from which it was rejected because of buyer exhaustion. The RSI appears subdued, deviating from the north to start moving horizontally. Nevertheless, NEAR token is still not ripe for selling as the RSI has not crossed below the 70 level yet.
With this, NEAR Protocol price could still head north, bolstered by the strong presence of the bulls in the NEAR market. Evidence of this is the position of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicator in the positive territory. Their green histogram bars also accentuate the bullish outlook.
Increased buying pressure could see NEAR Protocol price extend north, clearing the range high at $3.803. An extended move north could see the token clear the $4.000 psychological level. In a highly bullish case the gains could extend towards the $4.500.
On the flipside, if profit taking starts, NEAR Protocol price could pull south, potentially slipping past the $3.000 psychological level to test the $2.852 support. Further south, the load-shedding exercise could see the altcoin drop below $2.422 or in the dire case, extend the slump to the $2.146 support. A break and close below this level would invalidate the prevailing bullish thesis.
It is also worth noting that the fear and greed index, a multifunctional indicator for cryptocurrency sentiment analysis shows that the NEAR market is in a state of FEAR. The indicator considers the most critical parameters that determine the psychology of the Near Protocol market.
Meanwhile, experts say Meme Kombat could be a good alternative for portfolio diversification, adding that it is a potential PEPE killer that could 10X at launch.
Promising Alternative To NEAR Protocol
MK is the native cryptocurrency for the Meme Kombat ecosystem, a stake-to-earn project offering participants membership into a battle arena with the meme coin of their choice.
Meme Kombat is in the presale stage, recording a meteoric rise with upwards of $4.169 million already in the bag out of a $5 million target.
$MK is on a meteoric rise, dominating the #memecoin space. Seize the opportunity and be part of the presale action: https://t.co/2x2FvsuR61
— Meme Kombat (@Meme_Kombat) December 17, 2023
Investors looking to buy MK can do so on the website, with each token selling for $0.257. The price tag will increase in six days.
$MK is now valued at $0.257 ⚔️
Congratulations! Let's see how much we raise before the price increases again🥊 pic.twitter.com/LusgZKUhCx
— Meme Kombat (@Meme_Kombat) December 21, 2023
Token holders can stake their MK tokens for annual percentage yields (APY) as high as 216%.
So far, the number of stakers is approaching 5,000 with 75% of the entire Meme Kombat token bucket already staked.
Visit Meme Kombat website to buy MK in the presale here.
Also Read:
- How To Buy Meme Kombat On Presale – Alessandro De Crypto Video Review
- Top 5 Cryptocurrencies To Buy Before 2024 – Next 10X Potential Altcoins
- NEAR Protocol Price Prediction: NEAR Surges 18% To 2023 High As Experts Ask If This New Altcoin Is the Best Crypto To Buy Now
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What is a Crypto Presale? A Quick Guide to Getting in on the Ground Floor of New Cryptocurrencies!
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