NEAR Protocol (NEAR) Price Rides AI Hype, Aiming for $7

World’s Most Valuable Companies. Source: Companies Market Cap

One other metric in support of the bullish prediction is NEAR’s volume. Volume measures interest in a cryptocurrency. Hence, an increase signals a rise in buying and selling, while a decrease does otherwise.

Apart from that, volume affects price. Rising volume strengthens a price trend. On the other hand, falling volume weakens the trend. As of this writing, NEAR’s volume has increased to $308.09 million.

NEAR Protocol Development Activity. Source: Santiment

If the volume continues to increase alongside the price, NEAR may reach $6 within a few days.

NEAR Price Prediction: Is $5.70 the Start of a Rally?

Moving on, BeInCrypto noticed a notable rise in the Money Flow Index (MFI) and On Balance Volume (OBV). MFI measures the flow of money in and out of a cryptocurrency. Further, the technical oscillator can identify overbought and oversold signals.

At press time, the indicator looks close to surpassing the 50.00 midpoint level, indicating an increase in buying pressure for the token. Specifically, the OBV measures positive and negative volume flow. Like the MFI, the indicator also indicates whether buying or selling pressure is dominant.

NEAR Protocol Daily Analysis. Source: TradingView

With the OBV increasing, NEAR’s price may continue to move upward. We analyzed the Fibonacci Retracement levels for specific targets.

The Fibonacci Retracement tool is a predictive indicator that shows a sequence of horizontal lines of potential resistance and support points. Each level is associated with a percentage; the most important ones are 23.6%, 38.2%, and 61.8%, 78.8%

Furthermore, the daily chart shows that NEAR can move to $5.70 if buying pressure increases. This is where the 61.8 Fibonacci level is positioned. In a highly bullish situation, NEAR can move to $6.15 at the 78.6% level.