NEAR Technical Analysis: Bullish Rally Knocks Away Every Bearish Attempt
NEAR Protocol is a layer-1 blockchain designed to be a cloud computing platform run by the community and eliminates certain limitations that plagued competing blockchains such as slow speed of transactions, slow throughput, and insufficient interoperability.
Let us look at the Near Protocol technical analysis.
Past Performance of NEAR
The NEAR coin price action rose more than 20% in the past 24 hours after the last retracement to create a new all-time high above $17. Moreover, the bullish engulfing candlestick with 200% jump in trading volume indicates a boom in buying pressure. Therefore, traders can find breakout entry opportunities at current prices.
NEAR Technical Analysis
In our previous NEAR technical analysis, we forecasted the price to reach $17 upon the breakout of $12. This marks a gain of more than 35% and the price continues to grow.
The NEAR coin price breaks above the short-term ascending resistance trendline with the growth of 20% in the past 24 hours. Moreover, the breakout of $17 marks the start of a new bull run that can reach the $20 mark.
The RSI indicator at 66% shows the slope rising higher towards the overbought zone. Moreover, the weakness is unseen in the uptrend as there is no evident divergence in the slope.
The MACD indicator shows a rise in the MACD line after the recent dip close to the signal line. However, the line maintains the uptrend above the zero line in the daily chart.
Traders can find the next bullish target at $20 and $23 levels that can play a key role in the future trend. On the other hand, the $15 and $13 support levels are present to push the price back higher.
Upcoming Trend
The breakout of the $17 marks another breakout entry opportunity that aims to drive the NEAR coin prices higher. Moreover, the increasing trading volume and bullish engulfing candles indicate a boom in buying pressure. Therefore, traders can observe the price reaching $20 shortly.