The Near Protocol (NEAR) Price Speed up After Breakout
If you’ve been following the Near Protocol (NEAR) price, you’ll know that it has been gaining rapidly since breaking out from a descending parallel channel in October. The price surged over the $1.60 resistance area to reach a high of $2.15 today, leaving you wondering if the price will accomplish a new yearly high.
The NEAR Speed up Increase After Breakout
For most of in the year, the NEAR price had been declining inside a descending parallel channel, with both the resistance and support trend lines being tested multiple times. Nonetheless, after being rejected from the trend line on October 2, NEAR dropped to a low of $0.98 on October 18. Ever since, 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. As of now, the weekly RSI is over 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?
Digital currency traders are traditionally optimistic about NEAR’s future price prospects. Several like Investmox and Trader Fred are positive trend on the long-term volume, expecting a price increase. Despite the fact that others like Baba are not as enthusiastic about the short-term trend, they acknowledge the likelihood 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 positive trend divergence in the RSI. If it breaks over $2.70, there’s a likelihood of a 150% increase to the next resistance at $5.50. On the other hand, a rejection from $2.70 might lead to a 30% fall 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 gaining rapidly since October and might continue its upward trend if it breaks over $2.70. Despite the fact that there’s a likelihood of a fall if it gets rejected, the overall sentiment is positive trend for NEAR’s future prospects.
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