As the cryptocurrency market navigates a mostly directionless weekend, NEAR Protocol emerges as one of the top cryptocurrencies to watch, poised for a potential strong rebound. Despite recent fluctuations, NEAR Protocol’s outlook is buoyed by a new wave of investor interest in AI, spearheaded by NVIDIA.
Eyes On AI Cryptos As NVIDIA Bulls Return
NVIDIA, a leading player in the AI space, has surged by 17%, effectively recovering most of its losses from the previous week. Investors were getting concerned that the AI market was overheating. This followed an announcement by TSMC, the world’s largest chip foundry, that it was revising its expansion goals. However, NVIDIA’s robust rebound signals resilience in the AI narrative, reigniting investor excitement.
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Investors are optimistic that this renewed enthusiasm for AI will spill over into the cryptocurrency sector, with NEAR Protocol poised to reap significant benefits. That’s because NEAR Protocol is one of the top-performing AI-focused cryptocurrencies in the market today. NEAR Protocol has, in recent months, attracted attention for its innovative approach to combining AI and blockchain technology.
Introducing: The Chain Abstracted Podcast
Hear from the best and brightest minds in Web3 as they discuss Chain Abstraction, the future of Web3, and a tonne more.
Yes, it’s degen.
Yes, it’s fun.
No, it’s not abstract.
Episode 1: Breaking Down Chain Abstraction with… pic.twitter.com/1lcsfHNRWd
— NEAR Protocol (@NEARProtocol) April 19, 2024
NEAR Protocol Is Big In The AI Space
Initially conceived as an AI project, NEAR Protocol pivoted into blockchain before reverting to its AI roots. According to its co-founders, significant developments on the AI front are on the horizon, promising groundbreaking advancements in the coming months.
The NEAR team’s vision extends beyond mere technological innovation. They aim to build an open AI system, emphasizing the importance of avoiding the pitfalls of closed AI ecosystems. They argue that closed AI systems could lead to a dystopian future. Furthermore, NEAR Protocol seeks to augment the capabilities of blockchain technology through AI integration, with recent strides exemplified by the launch of chain abstraction technology.
Chain Abstracted Podcast Ep.2: Electric Boogaloo
Okay, it’s not an electric boogaloo but it does feature @LitProtocol, a platform for distributed programmable keys for Web3 digital ownership (and more!).
They dive into Chain Abstraction, AI, the future of Lit, and more.… pic.twitter.com/wj2Q0xHXTI
— NEAR Protocol (@NEARProtocol) April 26, 2024
Innovations That Cut Across AI And Blockchain
Chain abstraction represents a significant milestone in NEAR Protocol’s journey, simplifying blockchain usage for developers and end-users. By streamlining access and enhancing user experience, NEAR Protocol aims to democratize blockchain technology, making it more accessible and user-friendly.
Rally To $10 A Realistic Possibility
With the resurgence of the AI narrative as NVIDIA rebounds, NEAR Protocol stands poised for exponential growth. Analysts predict that NEAR Protocol could reach $10 or more soon. Such prospects would get even stronger if Bitcoin regains bullish momentum and lifts the entire cryptocurrency market to new heights.
Overall, NEAR Protocol’s strategic positioning at the intersection of AI and blockchain technology and a renewed wave of investor interest in AI-driven innovations bodes well for its future prospects. NEAR is one of the top cryptocurrencies primed for a potential bullish breakout.
NEAR Still On A Rebound On Weekly Chart Despite Inter-Day Market Noise
Despite short-term bearish sentiment, a broader perspective reveals NEAR Protocol’s resilience and potential for an upward trend. Analyzing the weekly chart unveils a notable rebound since its recent low of $4.32 three weeks ago. NEAR has since established strong support at $5.72. If bulls sustain the momentum built up over the last two weeks, NEAR bulls can expect strong resistance at $7.35.
If bulls are strong enough and push through the $7.35 resistance, NEAR could soon target the previous month’s high of $9. Conversely, a loss of bullish momentum may result in consolidation between the $7.35 resistance and $5.72 support levels for a few more days.
However, should bears gain control and breach the $5.72 support, a retest of the $4.32 lows from three weeks ago becomes probable. While short-term fluctuations may create market noise, the underlying trend suggests potential for NEAR Protocol’s continued upward movement. That’s provided the $5.72 support holds.
Why NEAR Has The Potential To Test $9 Soon
Despite the multiple scenarios that could play out today, the odds are higher that NEAR bulls will win. That’s because, as NVIDIA’s stock has shown, the AI narrative is retaking the market. As NVIDIA surges and investors start betting on AI, cryptocurrencies like NEAR, which is leading in this space, stand to reap big.
NEAR prospects are enhanced by its team announcing that big AI news is coming up soon. There is also the fact that investors expect a broader market rally triggered by Bitcoin. With Bitcoin in a demand and supply imbalance, a breakout is imminent, which is good news for NEAR and other top altcoins.
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