Near Protocol Price Forecast: Near Protocol extends bullish momentum :

Near Protocol bulls remain largely in control at the time of writing on Friday, although the price has pulled back from its intraday high of $3.34. The breakout was built on strong macro signals following the United States (US) Federal Reserve's (Fed) 25-basis-point interest rate cut to a range of 4.00% to 4.25%. Additionally, buzz around the AI economy in the cryptocurrency sector has helped.

The Moving Average Convergence Divergence (MACD) indicator's buy signal, which has been sustained since September 8, underpins the bullish outlook. Investors are likely to increase their exposure with the blue MACD line holding above the red signal line.

The 50-day Exponential Moving Average (EMA) at $2.64 is on the verge of confirming a Golden Cross pattern if it settles above the 100-day EMA at $2.626. A Golden Cross is a bullish pattern, indicating improving risk-on sentiment. Therefore, its presence on the daily chart could strengthen the bullish case for NEAR and increase the potential for the uptrend to extend to $3.38, the next key resistance level.

Still, traders must be cautious, as the Relative Strength Index (RSI) is positioned in the overbought region at 70. An extremely overbought RSI is often a precursor to sudden pullbacks as investors book profits, which can contribute to potential selling pressure. Hence, there's a need for traders to prepare for the possibility of a correction to the 200-day EMA at $2.86, the 50-day EMA at $2.64 and the 100-day EMA at $2.626.

#NEAR#
#Fed Cuts Rates By 25 Bps#