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Near Protocol Price Analysis: Will the V67 Release Overcome the $9 Key Resistance?

Highlights:

  • NEAR Protocol’s v67 release boosts asynchronous virtual machine capabilities with “yield” and “resume” operations.
  • NEAR Foundation commits to establishing NEAR as the leading platform for user-owned AI development.
  • NEAR faces bearish pressure with neutral technical indicators hinting a potential trend reversal if selling increases.

NEAR Protocol, a decentralized, high-throughput layer 1 blockchain, has launched its v67 update, which will significantly enhance its virtual machine (VM) capabilities. This update includes new “yield” and “resume” operations in smart contracts, as highlighted by co-founder Illia Polosukhin. These additions are designed to streamline the execution of asynchronous tasks, thereby increasing the platform’s efficiency and flexibility.

Additionally, the NEAR Foundation has announced an initiative, NEAR AI, which will establish NEAR as the premier platform for user-owned AI development. “We want NEAR to be the place where any AI application and novel consumer use case can leverage the best User-Owned AI infrastructure, accessible by everyone in the Web3 ecosystem,” stated Illia Polosukhin, co-founder of the NEAR Protocol.

The Foundation aims to prioritize user privacy and sovereignty while providing investment and incubation services for AI-related research and applications. Moreover, NEAR’s research and development unit, led by Polosukhin and Alex Skidanov, will spearhead efforts to attract top builders in AI development, bringing the user-owned AI movement to a global scale.

Further strengthening its AI initiative, the NEAR Foundation has also launched the Horizon accelerator program. Set to commence in September 2024, Horizon seeks to nurture promising AI projects within the NEAR ecosystem. This program represents a significant step towards achieving NEAR’s vision of a user-owned AI future, where decentralized networks harness collective intelligence for shared goals.

Related: NEAR Could Hit $10 on Excitement Around Chain Abstraction

Will NEARโ€™s Enhancements and Growth Overcome the Key Resistance?

Recently, NEAR has shown a mixed performance as the price faced a pullback, having faced a stiff rejection at the $9 mark during the March rally. Despite the recent bullish resurgence this May, NEAR had been trading on a descending channel throughout April, correcting to the lows of $4.5.ย 

NEARโ€™s Enhancements and Growth Overcome the Key Resistance

Source: TradingView

NEAR is consolidating around the $8 region as the bulls and bears battle for control. As of press time, NEAR protocol price is trading at $7.85, down by more than 1% in the past 24 hours. The bears are gaining more control as NEAR trends toward immediate support at the $7.7 region. Despite touching a daily high at $8.25, NEAR has failed to display resilience, erasing most of the daily gains.

Technical indicators on the daily chart display a neutral trend, as major indicators lie in the neutral region. The Relative Strength Index (RSI) indicator is hovering slightly above the neutral territory at the 52 index. An increase in the buying pressure could drive the RSI toward the overbought region, consequently pushing the price higher and challenging the $9 resistance.ย 

NEAR/USD

NEAR/USD chart: TradingView

In addition, the Moving Average Convergence Divergence (MACD) shows a decrease in bullish momentum as the green bars fade away from the histogram. This suggests a shift in market dynamics, as the current trend could reverse if selling pressure increases.

Read More: Latest NEAR Protocol Price Prediction 2024 โ€“ 2040

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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