NEAR Technical Analysis: Bullish Pattern Teases Jump Above $5
Table of contents
Key Technical Points:
Past Performance of NEAR
As predicted in our previous article, the NEAR price sustains about the $3.50 horizontal table to challenge the $4.75 mark. Furthermore, the bullish reversal creates an inverted head and shoulder pattern in the 4-hour technical chart with the neckline at the $84.75 horizontal level. Additionally, the increased buying pressure evident by the increased trading volume projects a high possibility of a bullish breakout.
Source - Tradingview
NEAR Technical Analysis
If the NEAR price trend breaks above the $4.75 resistance level, the breakout rally can reach the overhead resistance of $5.69. Hence, traders can expect the market value to jump by 20% if the buying pressure sustains.
With the recent bullish crossover of the 50 and 100 SMA, the crucial SMAs in the 4-hour chart regain a positive alignment.
The RSI slope maintains a gradual uptrend above the halfway line and exceeds the 14 days average line. Hence, the technical indicator represents an increase in the underlying bullishness teasing a potential bullish breakout.
Furthermore, the MACD indicator displays an increasing bullish spread between the fast and slow lines as the positive trend in the bullish histograms gains momentum.
In a nutshell, the NEAR technical analysis projects a high likelihood of a bullish breakout $4.75 neckline.
Upcoming Trend
If the Near Protocol prices manage to exceed the $4.75 mark, the traders will observe a bullish breakout of the inverted head and shoulder pattern. However, a bearish reversal will retest the $4 mark.
Resistance Levels: $4.75 and $5
Support Levels: $4 and $3.5