NewsletterNear Protocol Price Analysis: NEAR Coin Displays A Double bottom Pattern In The Daily Time Frame Chart.
What’s Next for NEAR Price? The technical outlook for NEAR/USD states an overall uptrend. However, a better confirmation for the coin continuing its rally can be achieved if the price provides a proper breakout from the bullish pattern and rechallenge the ATH mark of $13.2
Major points to ponder:
- The Near coin price manages to sustain above the $10 mark
- The 20-day EMA line is providing strong support to NEAR coin price
- The intraday trading volume in the NEAR coin is $427.6 Million, indicating a 73.52% hike
Source- NEAR/USD chart by Tradingview
The NEAR coin showed a remarkable rally in October, where the price also managed to break out from the previous All-Time High resistance of around $11.5. Though the technical chart showed a massive green candle breaching this crucial resistance, with strong support in volume activity, the coin couldn’t sustain above this level for long, and by forming a bearish evening star candle, the price dropped below the $11.5 mark.
As for now, the NEAR coin rally sustains above $10, indicating a sufficient demand pressure from this level. Moreover, the coin price is trading above the crucial EMAs (20, 50, 100, and 200), projecting a strong bullish alignment in its chart.
The Relative Strength Index(RSI) line is moving above the neutral zone(50), indicating a bullish sentiment for the coin.
NEAR/USD Chart In The 4-hour Time Frame
Source- NEAR/USD chart by Tradingview
As the NEAR price obtained strong support from the $10 mark, the technical chart also revealed a double bottom pattern, providing a great long opportunity for traders. The pattern has its neckline at $11.5, and a breakout from this level will trigger an entry signal for these traders.
Furthermore, the traditional pivot levels show a decent confluence with the chart levels, and according to it, the nearest resistance level for the price is $12.2, followed by $3 and the closest support is $11.3
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