NEAR Protocol: From Recent Dip To Google Search Darling – Is $16 Next?

Christian Encila

1 year ago

3 mins read

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NEAR Protocol (NEAR) is making waves in the cryptosphere, surging to the top of Google searches and capturing investor attention. This newfound interest, coupled with strong activity data from blockchain analytics platform DappRadar, fuels speculation of a potential price explosion.

Some analysts are predicting a meteoric rise to $16, despite recent dips. However, beneath the bullish bravado lies a layer of technical analysis and short-term volatility that warrants a closer look.

Decoding NEAR’s Google Surge

The recent surge in Google searches for NEAR is undeniable. This newfound interest can be interpreted in two ways. Optimists see it as a sign of growing recognition and potential mainstream adoption.

They point to NEAR’s strong fundamentals – its developer-friendly architecture, focus on decentralized finance (DeFi), and active ecosystem with popular DApps like Kai-Ching and Hot Wallet.

heh, sorry kiddos. looks like NEAR is number one in Google Search trends. another huge W. try it for yourself. 😎😎😎😎😎😎😎😎😎😱😱😱😱😱😱😱😱🤩🤩🤩🤩🤩

literally too ez 🥱 pic.twitter.com/eYKWZM0iWK

— NEAR Protocol (@NEARProtocol) June 5, 2024

According to DappRadar, NEAR’s protocol boasts high transaction volume, reflecting strong network activity. Additionally, DappRadar highlights NEAR’s promising DeFi presence with a healthy total value locked (TVL) within its DeFi applications. This combination positions NEAR as a contender in the evolving blockchain landscape, attracting both retail and institutional investors.

However, skeptics caution against overhyping Google Trends. They argue that search volume doesn’t always translate to long-term price appreciation. It’s possible that the surge is a fleeting fad, fueled by short-term marketing campaigns or even social media influencers. They point to the current price dip as evidence of this disconnect between online buzz and actual market movement.

NEAR is currently trading at $5.9. Chart: TradingView

Can Technical Analysis Steer NEAR To $16?

Crypto analyst More Crypto Online has thrown down the gauntlet, presenting a bullish case for NEAR based on the Elliott Wave Theory and Fibonacci retracement levels. The theory suggests that market prices follow predictable wave patterns, and the current price action places NEAR in the potential “second wave” of a five-wave sequence. This, according to More Crypto Online, paves the way for a significant “third wave” with a target price of $16.

$NEAR: The price is still holding above the relevant support level at $4.97. As long as this support level holds, it is plausible to watch for a third wave from here, which should send the price to $16+. However, we need more upside momentum.#NearProtocol #NEAR pic.twitter.com/azsWbQTMKG

— More Crypto Online (@Morecryptoonl) June 12, 2024

While this analysis offers an interesting roadmap, it’s crucial to acknowledge the limitations of technical analysis. These models are based on historical price movements, and the future market can be notoriously unpredictable.

Can The Coin Maintain Its Bullish Balance?

The key to NEAR’s potential surge lies in the crucial support level of $4.97. If the price stays above this point, it bolsters the bullish outlook and potentially triggers the anticipated third wave. A successful third wave could propel NEAR to significant price targets, initially around $10.5 and potentially reaching even higher.

Featured image from Shutterstock, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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