The Near Protocol (NEAR) Price Approaches Yearly High
The NEAR price has regained its footing and is approaching its yearly high. The weekly time frame analysis shows that NEAR broke out from a long-term descending resistance trend line, leading to a swift upward movement. The altcoin also reclaimed a pivotal horizontal resistance area. The Relative Strength Index (RSI) is increasing and above 50, indicating a bullish trend reversal.
NEAR Price Prediction: What’s the Next Move?
The daily time frame chart also gives a bullish outlook for NEAR. The price action shows that NEAR broke out from the 0.618 Fib retracement resistance level, suggesting that the upward movement is not corrective. The daily RSI is bullish and above 50. Cryptocurrency traders are extremely bullish about NEAR’s future price prospects.
Osbrah and ZaykCharts Support Bullish Sentiment
ZaykCharts tweeted that the descending channel breakout for NEAR is done as expected and expects a massive bullish wave. Osbrah agrees with this sentiment, using a shorter-term chart to conclude. If the upward movement continues, NEAR could reach the horizontal resistance at $2.70.
Cautionary Note: Potential Decrease in Price
Despite the bullish predictions, if NEAR’s price decreases below the 0.618 Fib level at $2.13, it may indicate the completion of the upward movement. A retracement to $1.80 would then be expected.
Hot Take: NEAR Poised for Bullish Momentum
The NEAR Protocol (NEAR) price has shown significant strength, breaking out from long-term resistance and reclaiming pivotal levels. With increasing RSI and bullish sentiment from traders, NEAR is poised for a potential bullish wave. However, caution should be exercised as a decrease below key levels could lead to a retracement. Overall, NEAR’s price movement indicates positive momentum in the near future.
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