NEAR Price Prediction: Bullish Pattern Setup Bolsters Near Protocol Coin Price for 40% Rally

NEAR Price Prediction: The long-coming downtrend in Near protocol price has started turning sideways indicating the exhausted bearish momentum. The resulting consolidation revealed the formation of a famous chart pattern called a symmetrical triangle. Here’s how this pattern can act as a medium for trend reversal and offer entry opportunities to interested traders.

Key Points:

• The Near protocol coin may witness a sideways trend until the triangle pattern is intact.
• A potential bullish breakout from the pattern’s resistance trendline may surge the NEAR price to $2.7, followed by the $3.4 mark.
• The intraday trading volume in the NEAR price is $172.5 Million, indicating a 67% gain.

Source- Tradingview

Over the last five months, the Near protocol price resonating between the two converging trend lines reflects a symmetrical triangle pattern formation. The coin price bounced off at least thrice from both the trendline indicating the traders are respecting the pattern setup and could do the same for its potential target.

As of now, the NEAR price trades at the $2.15 mark with an intraday gain of 4.9%. A recent reversal from the pattern’s support trendline has set the prices for a bull cycle within the triangle structure. This bullish reversal may surge the coin’s market value by 13% in the near future to reach the overhead trendline.

Also Read: What Are Bitcoin Ordinals And How Do They Work?

Anyhow, a breakout from either of the aforementioned trendlines is needed to get a clear indication of the future trend.

 A potential bullish breakout from the overhead trendline will increase the market buying pressure and surge the prices 40% higher to reach the five-month high of $3.4.

On a contrary note, a daily candle closing below the support trend will hint at the resumption of the prior downtrend. 

Technical Indicator

Relative Strength Indicator: An evident growth in the daily RSI slope reflects underlying bullish momentum in rising and the traders have a better chance to breach the overhead trendline.

EMAs: the rising NEAR coin price reclaimed the 20-50-and-100-day EMA slope hints at early signs of a trend reversal.

Near Protocol Coin Intraday Price Levels

• Spot price: $2.16
• Trend: Bullish
• Volatility: Medium
• Resistance level- $2.22 and $2.73
• Support level- $1.8 and $1.4