The Near Protocol (NEAR) Price Accelerates After Breakout
If you’ve been following the Near Protocol (NEAR) price, you’ll know that it has been increasing rapidly since breaking out from a descending parallel channel in October. The price surged above the $1.60 resistance area to reach a high of $2.15 today, leaving you wondering if the price will achieve a new yearly high.
The NEAR Accelerates Increase After Breakout
For most of this year, the NEAR price had been declining inside a descending parallel channel, with both the resistance and support trend lines being tested multiple times. However, after being rejected from the trend line on October 2, NEAR dropped to a low of $0.98 on October 18. Since then, it has soared by 120% in just 32 days, reaching its highest price since April.
Market Analysis of NEAR’s Price Movement
NEAR broke out from the $1.60 horizontal resistance area and further accelerated its increase. Market traders have been using the Relative Strength Index (RSI) as a momentum indicator to determine overbought or oversold market conditions. Currently, the weekly RSI is above 50 and on an upward trend, positive indications for the NEAR price. Plus, the indicator has broken out from its bearish divergence.
What Are the Analysts Saying?
Cryptocurrency traders are generally optimistic about NEAR’s future price prospects. Some like Investmox and Trader Fred are bullish on the long-term volume, expecting a price increase. Even though others like Baba are not as enthusiastic about the short-term trend, they acknowledge the possibility of an upward move to $2.1.
NEAR Price Prediction
According to the weekly chart, the NEAR price increase has broken out from a 440-day descending resistance trend line, supported by a bullish divergence in the RSI. If it breaks above $2.70, there’s a possibility of a 150% increase to the next resistance at $5.50. But, a rejection from $2.70 might lead to a 30% drop to the nearest support at $1.50.
Hot Take: NEAR’s Price Surge Might Not Be Over
Based on the analysis, NEAR’s price has been increasing rapidly since October and might continue its upward trend if it breaks above $2.70. Although there’s a possibility of a drop if it gets rejected, the overall sentiment is bullish for NEAR’s future prospects.
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