Here’s Why Near Protocol Coin’s 18% Jump Is Only The Beginning – Crypto News – Crypto News
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Here’s Why Near Protocol Coin’s 18% Jump Is Only The Beginning – Crypto News

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3 years ago

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Published 10 minutes ago

The near protocol coin price has shown a steady downtrend over the last five months. During this downfall, the price was constantly wobbling between two parallel trendlines indicating the formation falling channel pattern, In theory, even though this pattern carries an established downtrend, the trades can find an excellent long-entry opportunity upon breaking the pattern resistance trendline.

Key Points:

  • The near protocol coin breakout from the resistance trendline sets the price for an early 18% rise.
  • The daily RSI shows a sharp breakout from the midline, indicating intense buying pressure in the market.
  • The intraday trading volume at the NEAR price is $322.5 Million, indicating a 327% gain.

TradingView ChartsSource- tradingview

Amid the recent uncertainty in the crypto market, the falling near protocol coin price turned sideways above the $1.23 support. Within the past three weeks, the price rebounded twice from this support indicating the buyers are actively defending this level.

On January 1st, the NEAR price took its second reversal from the $1.23 support as the majority cryptocurrency witnessed a new year rally. The coin price has risen for 4 consecutive days and registered a 26% gain.

Also Read: Crypto Prices Today: Altcoins See Massive Hikes, Solana Soars By 17.04%

However, today’s price jump contributed the most to the aforementioned growth and gave a massive breakout from the pattern’s resistance trendline. In addition, the rising volume action showcases the buyer’s strong interest in chasing higher prices.

If the coin price sustains above the breached trendline, the buyers may drive the price 18% higher to hit the $1.83 mark. However, an ideal target for this technical setup would be the higher swing high of this pattern, which for the NEAR price is $6.12.

On a contrary note, if the coin price plunge below the trendline again, the bullish ones will get invalidated.

technical indicators

Relative strength indicator: contrary to the falling price, the rsi slope Rising highs indicate the market participants are in favor of a bullish recovery.

EMAs: the rising price breaks above the 20-day EMA, indicating an early sign of trend reversal.

Near protocol coin intraday price levels

  • Spot price: $1.5
  • Trend: Bullish
  • Volatility: Low
  • Resistance level- $1.83 and $2.3
  • Support levels- $1.48 and $1.23

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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