NEAR Protocol (NEAR) Price Pullback: What's Driving the Market and Where Is It Headed?

NEAR Protocol (NEAR) price exhibited a remarkable pullback. This week, it reverted from the channel lower trendline support of the $3 mark.

After sliding down for weeks, NEAR Protocol (NEAR) price exhibited a remarkable pullback. This week, it reverted from the channel lower trendline support of the $3 mark.

Afterward, a fresh bullish accumulation wave was triggered, and the token price jumped more than 25% this week.

Influenced by the improved market sentiments and Bitcoin price resurgence, other altcoins and the NEAR token have also added gains. It noted a significant uptick.

What’s Driving NEAR Protocol Price Pullback?

The Aurora Ecosystem team, Aurora Labs, has brought Bitcoin Light Client and Relayer. As the team announced on Tuesday, these products are to bridge the Bitcoin Network and the NEAR protocol.

Aurora Labs said the integration should enable DeFi applications and expand the Web3 mesh.

As the Aurora Labs team stated in the announcement, the Bitcoin Light Client will be deployed on Aurora. It will enable users to interact with Bitcoin through NEAR-based applications.

Moreover, the Bitcoin Relayer will be deployed on the NEAR protocol mainnet. It will facilitate the seamless transfer of BTC to and from NEAR.

The integration is set to open up new possibilities for the NEAR and Bitcoin communities. It will also expand the use cases and liquidity of both networks.

Can NEAR Bulls Go Toward the $5 Mark This Week?

The NEAR Protocol price’s daily chart articulates a steady decline and guides a downtrend on the chart. It continued to represent the underperformance for weeks and dived below the key moving averages.

Fueled by the increased supply, the token underwent a correction of over 50% and exhibited a down-move. However, the bearish pressure has decreased, and buyers have gained traction.

A daily close above the $5 mark would confirm the upward movement and may give rise to a trendline breakout.

At the time of writing, the NEAR protocol price was trading at $4.27, up over 7.24%, displaying bullish moves on the chart.

As per the CoinMarketCap data, the token ranked at 20 with a market cap of $2.59 Billion. It has a total supply value of 1 billion.

The Moving Average Convergence Divergence (MACD) has begun to plot the green bars on the histogram, displaying bullish momentum. Likewise, the RSI line reverted from the oversold region and conveyed a positive crossover.

A renowned crypto analyst, @Waleedahmed, in his X post, mentioned that NEAR protocol price has made a butterfly pattern and the next bullish leg is imminent. It may project an upmove and rise to the $7 mark soon.

Oh my $NEAR is getting freaky https://t.co/XWdavih8Za pic.twitter.com/ckmjMqHwZi

As per the Fib retracement levels, a sustained bullish reversal could be seen ahead. This can happen if the NEAR token price crosses the 38.2% zone above the $5.30 mark.

Weighted Sentiment Saw An Improvement

With the price pullback and the significant integration development with Aurora Labs, traders appeared confident and started accumulating the NEAR token. It is depicted by the curve, which rose to the positive region at the 1.893 mark. It highlighted the bullish sentiment among the investors.

Also, the price volatility curve saw increased volume participation and heightened futures trading activity. It replicated intense fluctuations in the past 24 hours.

Social Metrics Witnessed An Uptick

Fueled by the demand resurgence, investors were looking for opportunities to ride the pullback. They chatted and engaged in online discussions, reflecting the media buzz for NEAR.

Amid the price bounceback, the development activity curve was still close to the zero line. It signified neutral growth projections.

The ongoing market recovery could push NEAR token price toward the $5 mark in the next sessions. Currently, NEAR bulls are trying to sustain above the 20-day EMA mark for a smooth upward move ahead.

Still, the token continued to project the lower low formations and was capped inside a falling wedge pattern. Until the token crosses the barrier of $5, it might continue to display range-bound moves ahead.

Notably, the Futures traders anticipated a next bullish leg up and began to make fresh long positions in it. Hence, the Open Interest (OI) rose over 6.17% to $125.44 Million in the last 24 hours.

The immediate support levels for the NEAR token are $4.00 and $3.6, whereas the key upside hurdle is around $5.00, followed by $5.40.

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