Formation Of Bullish Pattern Hints Prolong Recovery In Near Protocol Coin; Is $3.5 Within Reach?


Posted 14 hours ago

Steady growth in the Near protocol coin has broken through a local resistance at $2.38. This breakout should accelerate the bullish momentum and help the buyers lead a new price rally. However the rounded background pattern it currently governs the ongoing recovery in the near price, and these are the targets it could offer in the coming weeks.

Key points:

  • A bullish break of the $2.38 barrier offers an entry opportunity with a short-term target of 10%.
  • Rounded bottom pattern bolsters CLOSE coin buyers to lead bullish rally beyond $3.5
  • Intraday trading volume on the NEAR price is $293.2 million, indicating a 2.5% gain.

Near Protocol CoinFont- commercial view

In response to the new year rally and the formation of a rounded bottom pattern, the Near Protocol Coin Price has shown parabolic growth in the last three weeks. The price of the coin has gained 103% since January 1 and reached the current price of $2.5

Amid a recent consolidation in the market, the NEAR price witnessed a minor pullback earlier this week. This bearish correction must have benefited the altcoin by neutralizing the overbuying of the last rally and validating price stability at higher levels.

As a result, the close-to-protocol coin experienced sudden buying pressure and jumped 8% on the intraday level. The long bullish candle has broken past the last resistance high at $2.3, suggesting a resumption of price recovery.

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If the daily candle closes around the $2.38 mark, buyers will get a higher launch pad to drive the price 10% higher to $2.78. Furthermore, under the influence of the rounded bottom pattern, the altcoin is likely to see a 36% gradual rise to reach the $3.5 neckline barrier.

Conversely, the failure of coin buyers to hold on to the $2.38 level could weaken the bullish thesis.

technical indicator

MACD: the MACDThe line (blue) and signal (orange) dodged a bearish crossover despite recent corrections in the NEAR protocol coin, indicating that buyers continue to control the trend.

Bollinger Band: the rising price of the coin consistently hitting the upper band of the indicator suggests that the buying pressure is more aggressive than usual. Therefore, coin holders could see another pullback to stabilize the uptrend.

Close Protocol Coin Intraday Price Levels

  • Spot Price: $2.5
  • Trend: Bullish
  • Volatility: Medium
  • Resistance Level: $2.78 and $3.1
  • Support Level: $2.38 and $1.8

I have been working in Journalism for 5 years. I follow Blockchain and Cryptocurrency since last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech to me at brian (at) coingape.com

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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.

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