MEXCHere’s Why Near Protocol Coin’s 18% Jump Is Only The Beginning
The Near protocol coin price has shown a steady downtrend over the last five months. During this downfall, the price was constantly wobbling between two parallel trendlines indicating the formation falling channel pattern. In theory, even though this pattern carries an established downtrend, the trades can find an excellent long-entry opportunity upon breaking the pattern resistance trendline.
Key points:
- The Near protocol coin breakout from the resistance trendline set the price for an early 18% rise
- The daily RSI shows a sharp breakout from the midline, indicating the intense buying pressure in the market.
- The intraday trading volume in the NEAR price is $322.5 Million, indicating a 327% gain.
Source- Tradingview
Amid the recent uncertainty in the crypto market, the falling Near protocol coin price turned sideways above the $1.23 support. Within the past three weeks, the price rebounded twice from this support indicating the buyers are actively defending this level.
On January 1st, the NEAR price took its second reversal from the $1.23 support as the majority cryptocurrency witnessed a new year rally. The coin price has risen for four consecutive days and registered a 26% gain.
Also Read: Crypto Prices Today: Altcoins See Massive Hikes, Solana Soars By 17.04%
However, today’s price jump contributed the most to the aforementioned growth and gave a massive breakout from the pattern’s resistance trendline. In addition, the rising volume action showcases the buyer’s strong interest in chasing higher prices.
If the coin price sustains above the breached trendline, the buyers may drive the prices 18% higher to hit the $1.83 mark. However, an ideal target for this technical setup would be the higher swing high of this pattern, which for the NEAR price is $6.12.
On a contrary note, if the coin price plunge below the trendline again, the bullish ones will get invalidated.
Technical Indicator
Relative strength indicator: contrary to the falling price, the RSI slope rising high indicate the market participants are in favor of a bullish recovery.
EMAs: the rising price breaks above the 20-day EMA, indicating an early sign of trend reversal.
Near Protocol coin intraday price levels
- Spot price: $1.5
- Trend: Bullish
- Volatility: Low
- Resistance level- $1.83 and $2.3
- Support level- $1.48 and $1.23
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