NEAR Protocol (NEAR) Surges 100% on ETF Hype...Eyes $6 Target

▲ NEAR Protocol (NEAR)/AI-generated image

NEAR Protocol (NEAR) has surged over 100% from its August low, showcasing the strongest upward momentum among major altcoins. After touching the $5.47 mark at one point during intraday trading, it maintained a solid performance around $5.27, preparing for further gains.

According to crypto media outlet U.Today on October 1 (local time), NEAR Protocol broke out of its $2.40 to $2.60 cycle in September, showing a near-vertical surge. This rally was fueled by a powerful combination of Bitwise's NEAR spot ETF launched on the NYSE Arca on September 29, the activation of NEAR Intents within its ecosystem, and an AI-centric narrative.

However, technical indicators show clear signs of short-term overheating. While the short-term moving average on the daily chart has risen to around $3.80, the current price significantly exceeds both major short-term and long-term moving averages, creating an extreme divergence. This confirms a strong upward trend but also increases the risk of profit-taking and sharp volatility due to the rapid short-term rise.

Despite the burden of technical overheating, the trend itself remains intact. The Relative Strength Index (RSI) has stayed in overbought territory throughout the rally and has now settled in the 70-75 range. A structural upward pattern of consistently higher highs and higher lows is being maintained, and no official trend reversal signals have been detected.

The immediate key turning point is the resistance level between $5.40 and $5.50, where selling pressure has recently concentrated. Experts diagnose that if this resistance is decisively broken on a daily closing basis, short-term overhead resistance will clear, potentially opening the door for a further rally towards the next psychological target of $6.00.

[Article Key Summary]

-NEAR Protocol surged over 100% from its August low, touching $5.47 intraday.

-The listing of Bitwise's spot ETF, combined with an AI narrative, led to overheating, with the price significantly above major moving averages.

-With the Relative Strength Index (RSI) above 70, a break of the $5.50 resistance is expected to lead to $6.00.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*