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NEAR Network (NEAR) Sees Increase: Strong Technicals and Transaction Growth

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NEAR, the cryptocurrency token for the Near Protocol, has shown impressive price action in recent months. Trading just 17% below its local high of $9, NEAR has rebounded by 72% from its mid-April low, indicating a potential trajectory toward reclaiming the $9 mark. Technical chart analysis reveals that NEAR is currently positioned above both the 100 EMA and the 200 EMA on the daily chart, providing strong support levels. The Ichimoku Cloud on the daily chart also acts as a support zone, signaling an overall upward trend.

On the 4-hour chart, however, the Ichimoku Cloud is acting as resistance, with the price currently testing the lower boundary of the cloud. The price needs to break above this cloud decisively for continued upward movement, with resistance levels from the daily chart as the next targets. Daily transaction volumes for Near Protocol have experienced volatility, with important spikes and drops observed. Transaction spikes have anticipated price increases, indicating a correlation between transaction volumes and price movements.

Strategically, traders and investors can capitalize on the bullish outlook for NEAR by entering positions near support levels provided by the EMAs on the 4-hour chart and setting stop-loss orders below daily EMAs to manage risk. Maintaining a bullish stance as long as NEAR remains above the Ichimoku Cloud on the daily chart is recommended, as the cloud serves as a dynamic support zone. Keeping an eye on spikes in daily transaction volume can also provide insight into potential price movements. Overall, NEAR presents promising opportunities for those looking to trade or invest in the cryptocurrency market.

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