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Wait for a retracement as Near Protocol breaks above key resistance

Market Analysis
Wait for a retracement as Near Protocol breaks above key resistance
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Near Protocol has jumped above the $4.6 resistance level

The token is among the top gainers among the top 100 cryptocurrencies

RSI reading is at the overbought zone

Near Protocol NEAR/USD has jumped by 16% in the past 24 hours. The bullish sentiment is because of significant interest among investors in the protocol lately. Its trading volumes are up 47% in the past day at $681,243,479.

Near Protocol is a decentralized smart contract network that rivals Ethereum. It differentiates itself with the use of sharding technology to increase transaction throughput. Sharding segments a network infrastructure and lets nodes handle a fraction of it.

Transaction speeds have been a major challenge to the larger blockchain networks. Near Protocol is making a name for itself in space. It is attracting lucrative blockchain projects that are boosting its total value locked. 

One such project is Sweatcoin, a protocol that mints tokens with the steps taken by users. The funds flowing into the project have pushed NEAR Protocol’s TVL to $388 million. A look at the short-term technical outlook affirms a strong bullish momentum in Near Protocol. 

NEAR breaks above key resistance but is currently overbought

Source: TradingView

From the 4-hour technical chart above, NEAR has broken above the $4.6 resistance. The cryptocurrency had failed in the last four attempts to pierce above the level. Further, the 20-day and 50-day moving averages have joined the support.

However, NEAR could be preparing for a short-term retracement. The RSI is at the overbought zone. At 72, the momentum indicator is at the highest level since July 29.

Concluding thoughts

NEAR token is under a strong bullish momentum. The fundamentals around sharding technology and its fast and cheaper transaction speeds boost popularity. Nonetheless, the token could be facing a retracement, with RSI reading currently at the overbought zone. Investors should wait for the retracement before entering a long position.

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