The cryptocurrency market has been witnessing a surge in prices, with several coins breaking out of their resistance patterns. The NEAR price is one such example, having broken out of a long-term resistance pattern and indicating strong bullish momentum.
According to technical indicators, the NEAR price has reached an overbought scenario, with the 14-period RSI at 84.61. This suggests significant buying pressure, although it also means that there is a possibility of a technical extension.
The NEAR Protocol is set to undergo an upgrade that will enable automatic shard expansion. This feature will allow the network to automatically create new shards as demand rises, eliminating the need for predefined capacity or manual decisions for scaling. The update aims to improve scalability and network performance, making NEAR a more attractive option for hosting applications globally.
The break-out of the long-term resistance pattern has led to predictions that the NEAR price may reach $8 in the near future. However, it is essential not to break down below the breakout point on a weekly scale, as this could negate the bullish momentum.