NEAR Technical Analysis: 50% Potential Rally If Prices Surpass This Level
Table of contents
Key Technical Points:
Past Performance of NEAR
NEAR price chart displayed a long-term under the influence of resistance trendline accounting for a downfall in the last two months. However, the underlying bullishness influences an inverted Head and Shoulder pattern, with the trendline acting as the neckline. Moreover, the influence of the recovering market helps the market value increase by 45 percent resulting in the breakout of the resistance trendline and of the 50-day SMA.
Source - Tradingview
NEAR Technical Analysis
The NEAR prices have inflated by almost 25% in the last 48 hours approaching the overhead resistance at $4.75. Additionally, if the prices sustain above the 50-day average line, we can expect to bullish trend continuation 100-day SMA.
The daily-RSI slope spiked sharply over the past two days, resulting in a jump to the nearly overbought zone reflecting an increase in the underlying bullishness. Hence, the technical indicator forecasts a bullish trend continuation.
The MACD indicator shows a bull run in fast and slow lines avoiding multiple bearish crossover events despite the trendline influence. Hence, the indicator displays a rise in the buying pressure as the lines prepare to cross into positive territory.
In a nutshell, NEAR technical analysis forecasts a trend continuation to the $7 mark.
Upcoming Trend
The NEAR price can reach the $7 mark close to the 100-day SMA if the buying spree exceeds the $5 mark. However, the uptrend might find opposition at the $6 mark before reaching the SMA.
Conversely, a bullish failure to surpass the $5 mark will result in a retest of the trendline breakout.
Resistance Levels: $5 and $5.6
Support Levels: $4 and $3.5
