Near Protocol (NEAR) and Arbitrum (ARB) Prices Pumping – Here’s Why

March 13, 2024

NEAR Protocol (NEAR) and Arbitrum (ARB) have been experiencing significant price gains in recent days. As the crypto space continues to recover from the prolonged bear market, these two projects have captured the attention of investors and traders alike, thanks to their impressive network upgrades and growing user adoption.

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NEAR Breaks Macro Downtrend, Signaling Potential Uptrend

Renowned analyst Rekt Capital has observed that NEAR is currently breaking out of its macro downtrend. If the token manages to reclaim this level as new support, it would confirm the beginning of a new macro uptrend, further bolstering the bullish sentiment surrounding the project.

A sustained break above the macro downtrend would likely attract more investors to NEAR, as it would signal a significant shift in the token’s long-term price trajectory.

NEAR Protocol, a scalable and developer-friendly blockchain platform, has recently completed a resharding process, expanding its network to five shards. This upgrade is expected to significantly improve the network’s capacity and performance, setting the stage for substantial growth in the coming months.

Analyst Near Saitama believes that once NEAR breaks through the $8 resistance level, the token will experience massive gains, as users from other blockchain ecosystems, such as Solana and Ethereum, bridge over to the NEAR network. The increased volume and liquidity resulting from this migration are expected to fuel NEAR’s price appreciation.

NEAR Ranks Third in Active Users Among Top Blockchains

According to data from CryptoRank, NEAR Protocol ranked third among the top 15 blockchains by the number of active users in February, with an impressive 34.6 million users. This places NEAR behind only TRON and BNB Chain, and ahead of major networks like Polygon, Solana, and Ethereum.

The platform’s growing popularity and potential to dominate the blockchain industry are both highlighted by the strong user adoption that NEAR has shown.

Arbitrum’s Price Surge and Breakout Potential

Arbitrum, a leading layer-2 scaling solution for Ethereum, has also been experiencing a significant price surge, with ARB currently trading at $2.20, up 10.45% in the past 24 hours. The token’s market capitalization has risen to $2.81 billion, ranking it 48th among all cryptocurrencies.

Renowned trader Michaël van de Poppe has expressed interest in investing in ARB, particularly if the token corrects to the $1.60–1.80 range. Van de Poppe believes that these corrections provide attractive entry opportunities, as ARB has demonstrated a pattern of 25–35% corrections followed by new breakouts.

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Technical Analysis: 200-Day MA and RSI

According to our analysis, ARB has recently broken out of a descending channel, surpassing the $2.08 resistance level. This breakout suggests that the token may be poised for further upside.

ARB’s 200-day moving average (MA) currently stands at $1.3414. When a token trades above its 200-day MA, it is generally considered a bullish sign, indicating that the long-term trend is positive.

The daily chart Relative Strength Index (RSI) for ARB is at 61.83, suggesting that the token has room for further growth before reaching overbought levels. An RSI above 70 would indicate that the token may be due for a correction.

As NEAR Protocol and Arbitrum continue to make strides in terms of network upgrades and user adoption, their respective tokens, NEAR and ARB, appear well-positioned for further growth. With strong technical indicators and growing investor interest, these projects are likely to remain in the spotlight as the crypto market continues its recovery.

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