NEAR Protocol Price Analysis: The NEAR Coin Soars 50% In Just Five Trading Days; Where’s The Next Entry Opportunity?

By Brian Bollinger
December 11, 2021 Updated December 11, 2021
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NEAR coin

The NEAR coin displayed an impressive recovery when the price bounced from the 0.5 FIB level with a morning star candle. A possible reason for this sudden surge could be the announcement of MoonPay allowing users to purchase NEAR coins worldwide. The coin is currently aiming to rechallenge the All-time high resistance of $13

Key technical points:

  • The NEAR coin provides a bullish crossover of the 20-and-50-day EMA
  • The intraday trading volume in the NEAR coin is $660.5 Million, indicating a 3.83% gain.

TradingView Chart

Source- NEAR/USD chart by Tradingview

November initiated a correction phase NEAR coin, which plunged its price to the 0.5 Fibonacci retracement level and lost 40% of its value. However, the coin price obtained sufficient support from this bottom level and displayed a strong recovery in this technical chart.

The coin price is trading above the crucial EMA levels(20, 50, 100, and 200), maintaining an uptrend. Moreover, the chart also shows a bullish crossover of the 20 and 50 EMA, attracting even more buyers to the coin.

The daily Relative Strength Index(56) displayed a similar recovery in its value, supporting the ongoing rally.

NEAR/USD 4-hour Time Frame Chart

TradingView Chart

Source- NEAR/USD chart by Tradingview

So far, the recovery phase of the NEAR coin has surged 50% from the bottom support of $6.5. The coin price also managed to break out from the significant resistance of the $10 mark with strong support from the trading volume. The crypto traders can expect a minor retest to this breakout point, which will provide a better entry opportunity for traders.

According to traditional pivot levels, the coin traders can expect the nearest resistance for the NEAR price at $11.1, followed by $12.7. As for the opposite end, the support levels are $9.2 and $7.7.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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