The positive trend in the cryptocurrency market continues to gain momentum in the third week of July. As Bitcoin price surged to $66000 on Monday Asian trading hours, the majority of major altcoins, including NEAR extended their recovery to reclaim pre-correction high. Amid renewed bullish sentiment and the ETP launch on Sweden’s Spotlight Stock Market, the Near Protocol price prediction points to a significant resistance breakout to bolster further rally.
Near Protocol Price Prediction Awaits Flag Breakout For Major Rally
Amid the recent market recovery, the Near protocol price showed a major reversal from $4.28 support. The V-shaped recovery backed by rising volume uplifted the asset by 41% within a fortnight to trade at $6.07, while the market cap surged to $6.65 Billion.
The horizontal level coincided closely with 100D EMA and above a 38.6% Fibonacci level indicated a crucial accumulation point for buyers to counterattack. The NEAR price challenging the upper boundary of the Bollinger Band indicator accentuates the buyers exhibiting a dominant hand.
Moreover, Valour Inc., a subsidiary of DeFi Technologies, has announced the launch of the first exchange-traded product (ETP) for the NEAR Protocol token on Sweden’s Spotlight Stock Market. This new financial instrument offers investors exposure to NEAR Protocol’s $6.8 billion market cap, further bridging the gap between traditional financial markets and the burgeoning crypto ecosystem.
The development may widen the adoption of NEAR protocol and bolster a significant inflow of capital to boost its market cap and liquidity.
With sustained buying, the Near Protocol price prediction has a 30% growth potential before buyers face major resistance from the Flag pattern. An analysis of the daily chart shows that altcoin has been trading sideways for the past 4 months resonating with a parallel trendline.
Therefore, a bullish breakout from the Flag resistance is crucial to signal the end-of-correction trendline.
A positive crossover state between the MACD (orange) and signal (blue) hints at a suitable bullish momentum to launch a breakout. If the pattern holds true, a breakout rally could drive the NEAR price rally above the $16.5 mark.
Key Takeaway
The ETP on Sweden’s Spotlight Stock Market will provide a secure and diversified exposure to the NEAR ecosystem for both retail and institutional investors. With this opportunity to attract heavy capital, the NEAR price develops a bullish continuation pattern to strengthen the recovery position.
The post Near Protocol Price Prediction: ETP Opens Door to $6 Billion Stock Market – Bullish Sign? appeared first on CoinGape.