Formation Of Bullish Pattern Hints Prolong Recovery In Near Protocol Coin; Is $3.5 Within Reach?

Steady growth in the Near protocol coin has breached a local resistance of $2.38. This breakout should accelerate the bullish momentum and assist buyers in leading a further price rally. However, the rounding bottom pattern currently governs the ongoing recovery in near price, and here are the targets it could offer in the coming weeks.

Key points:

• A bullish breakout from the $2.38 barrier offers an entry opportunity with NEAR term target of 10%
• The rounding bottom pattern bolsters NEAR coin buyers to lead a bullish rally beyond $3.5
• The intraday trading volume in the NEAR price is $293.2 Million, indicating a 2.5% gain.

Source- Tradingview

In response to the new year recovery and the formation of a rounding bottom pattern, the Near protocol coin price has shown a parabolic growth over the last three weeks. The coin price has gained 103% since January 1st and reached the current price of $2.5

Amid a recent consolidation in the market, the NEAR price witnessed in minor pullback earlier this week. This bearish correction must have benefited the altcoin by neutralizing the excessive buying from the last recovery and validating price stability at higher levels.

As a result, the near protocol coin witnessed sudden buying pressure and jumped 8% on the intraday level. The long bullish candle has breached the last swing high resistance of $2.3, suggesting the resumption of price recovery. 

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If the daily candle closes about the $2.38 mark, the buyers will get a higher launchpad to push the price 10% higher to $2.78. Moreover, under the influence of the rounding bottom pattern, the altcoin will likely witness a gradual rise of 36% to reach the $3.5 neckline barrier.

On the contrary note, the coin buyers’ failure to sustain about the $2.38 level could weaken the bullish thesis.

Technical Indicator

MACD: the MACD(Blue) and signal(Orange) line dodged a bearish crossover despite recent corrections in the NEAR protocol coin, indicating buyers continue to possess trend control.

Bollinger Band: the rising coin price constantly hitting the upper band of the indicator suggests the buying pressure is aggressive than usual. Therefore, the coin holders could witness another pullback to stabilize the bullish trend.

Near Protocol Coin Intraday Price Levels

• Spot price: $2.5
• Trend: Bullish
• Volatility: Medium
• Resistance level- $2.78 and $3.1
• Support level- $2.38 and $1.8