The technical chart indicates the overall trend for Near Protocol (NEAR) price is strongly bullish. The NEAR price has recently surpassed its previous All-Time High resistance near the $17 mark. The coin showed good sustainability above the new support($17), welcoming new levels under its reach.
Key technical points:
- The NEAR price obtains strong support from the 20-EMA line.
- Trend-based Fibonacci extension level shows $22 and $24.5 as important resistance level
- The intraday trading volume in the NEAR coin is $1.71 Billion, indicating a 20% hike.
In our previous coverage of Near Protocol technical analysis, the coin price was retesting the $13 support. Though the price started to rally higher, the strong supply pressure at the $17 demand for another minor pullback.
After its second bounce from the $13 level, the technical chart displayed a double bottom pattern in the daily time frame chart. On January 11th, NEAR price provided a decisive breakout from the $17 neckline, which was also the previous All-Time High resistance.
The NEAR coin trading is above the crucial MAs(20, 50, 100, and 200), indicating strong bullish alignment. These MA lines can provide good support during the occasional pullbacks.
Moreover, the Daily-Stochastic RSI supports the steady growth in price action with its lines approaching the 100 mark.
Fibonacci Extension Levels Hints Possible Resistance For NEAR Price Rally
The 4-hour time frame chart shows fresh higher high and higher low rally above the $17 mark. Even though the price is new to these chart levels, they are remarkably following the trend-based Fibonacci extension level.
As per these levels, the next supply zone for NEAR coin price is $20, followed by $22 and $24.5. The Rising slope in the average directional movement index(34) indicates the increasing bullish momentum.
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