NEAR Technical Analysis: Bull Cycle Gains Momentum In Falling Channel
Table of contents
Key technical points:
Past Performance of NEAR
The NEAR prices trend within a falling channel pattern, accounting for a drop of 58% to a low of $3. However, buyers immediately overtook the trend control resulting in a price jump to $3.75, accounting for a 20% inflation last week. The bullish turnaround approaches the resistance trendline and increases the likelihood of a trendline breakout.
Source- Tradingview
NEAR Technical Analysis
NEAR price action shows a rising trend from the support trendline, but the falling trend in intraday volume warns of a reversal from the trendline. Hence, traders hoping for a bull run must wait for a breakout spot. The DMI indicator shows a weakness in the ongoing bearish trend as the spread between the DI lines decreases. Hence, the trend reversal crossover can signal a buying spot for safe traders.
The RSI indicator displays an upward trend reversing from the oversold boundary and slowly advancing to that halfway point. The 14-day SMA shows a sideways trend higher than the 30% limit; however, the influence of bulls increases gradually. The MACD indicator displays the slow and fast lines returning to a positive trend from the zero line, staying clear of the bearish crossing. In addition, the bullish tendency in the histogram returns shows an increase in the buying pressure. In a nutshell, the NEAR price action forecasts a breakout rally surpassing the $4 mark.
Upcoming Trend
Considering the bull cycle breaks above the resistance trendline, NEAR prices will skyrocket to $5 with the support of increased trading volume.
Resistance Levels: $5 and $5.70
Support Levels: $3.5 and $3