MEXCNEAR Price Analysis: Bullish Pattern May Shoot Recovery Rally to $5.6
The Near protocol (NEAR) price shows the formation of a double bottom pattern in the daily time frame chart. Today the altcoin has surged 11% and showcases a decisive breakout from the neckline resistance of $4.24. The expected retest should offer an entry opportunity to interest traders.
Key points:
- The NEAR price rally reclaims 20 and 50 DMA
- The $4.2 breakdown would continue the price consolidation
- The intraday trading volume in the NEAR is $517.3 Million, indicating a 77.5% gain.
Source- Tradingview
From May 13th to July 6th, the NEAR/USDT technical showcased a steady downfall under the influence of a falling parallel channel pattern. Furthermore, the downfall witnessed intense demand pressure at the $3 mark and has prevented further falls since last month.
Moreover, On July 7th, altcoin gave a bullish breakout from the overhead resistance trendline offering an early sign of recovery. The post-breakout pullback retested the $3 mark and validated it as legitimate support.
On July 13th, the NEAR price rebounded from the mentioned support and surged 38.81%, hitting its current price at $4.49. Moreover, the new recovery rally completes the formation of a double bottom pattern with a neckline breakout of $4.24.
However, the buyers need a daily candle closing about this breached resistance and with a significant volume spike to confirm a genuine breakout. If these criteria are met, the buyers will obtain a stable footing to extend the ongoing recovery.
The potential rally should pierce the $4.7 resistance and sour 24.5% higher to hit the $5.6 resistance.
Technical indicator
OBV indicator: A sharp rise in OBV slope following a bullish divergence reflects the strong interest of traders towards bullish trade. This increases the chances of a sustained recovery rally.
Bollinger band indicator: the NEAR price breached the indicator’s upper band reflects a sudden buying in the market. Thus, the price may consolidate above the $4.2 mark for a few trading sessions to stabilize this buying pressure.
- Resistance levels- $4.8 and $5.6
- Support levels- $4.2 and $3.88
- Solana Foundation Manager Vibhu Challenges Ripple Execs To Public “Facts-Only” XRP Debate
- Teucrium Files for Flare Network ETF as XRP Minting For FXRP Tops $120M
- Waller Signals December Fed Rate Cut Despite Powell’s “No More Cuts” Stance
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5,000 Price Odds to 34%
- Bitwise XRP ETF Moves Closer to Launch as Firm Submits Final S-1 Filing
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
