The Near Protocol (NEAR) Price Soars to 440-Day High
The price of NEAR has surged by 65% in the past four days, reaching a new high of $3.44. In December alone, NEAR has seen an 80% increase. The question now is whether this upward momentum will continue until the end of the month.
NEAR Ascent Breaks Long-Term Resistance
Technical analysis on the weekly timeframe reveals that NEAR broke out from a descending resistance trend line that had been in place for over a year. While the increase started slowly, it gained momentum this week and surpassed a long-term horizontal resistance area.
RSI Indicates Bullish Trend
Using the RSI as a momentum indicator, traders can determine market conditions. Currently, the weekly RSI for NEAR is above 50 and increasing, indicating a bullish trend. It has also crossed above 70, signaling further momentum.
NEAR Price Prediction: Sustaining the Increase
Despite the parabolic increase, daily technical analysis suggests that the trend for NEAR remains bullish. The price action shows a breakout from an ascending parallel channel that had constrained the price since October. Additionally, altcoin analyst CWTrades accurately predicted the bounce and breakout.
Resistance Levels and Support Areas
During its upward movement, NEAR surpassed resistance areas at $2.70 and $3.40. If it closes above $3.40, there is potential for another 50% increase to the next resistance level at $5. However, if NEAR fails to stay above $3.40, it could trigger a 20% drop to the closest support area at $2.70.
Hot Take: NEAR’s Surge Continues, But Caution Needed
The recent surge in the NEAR price has been impressive, reaching a 440-day high. However, it remains to be seen whether this upward momentum can be sustained. Traders should closely monitor key resistance and support levels to make informed decisions. While the technical indicators currently suggest a bullish trend, caution is advised as market conditions can change rapidly.
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