NEAR Technical Analysis: Fibonacci Levels Teases 40% Growth

Key technical points:

Past Performance of NEAR

Last week, the NEAR price oscillated in an ascending triangle pattern. Amid the recovery sentiment in the crypto market, the altcoin started to pump higher and breached the $11.8 neckline resistance. The increased bullish momentum allowed the buyers to challenge the $15 monthly resistance.

Source-Tradingview

NEAR Technical Analysis 

The technical chart revealed a rounding bottom pattern as the NEAR/USDT pair recovered steadily. Finally, on March 29th, the buyers gave a massive bullish breakout from the $13.4 neckline, coinciding with the 38.20% Fibonacci level supported by a significant volume pump.

The bullish rally sustains above all the crucial daily EMAs (50, 100, and 200), resulting in a reversal in the 50 and 100-day EMA. The reversal brings a bullish crossover and sabotages the previous bearish alignment. Moreover, the 200-day EMA continues the uptrend reflecting a solid underlying bullishness.

RSI Indicator: The RSI slope shows a higher low formation with the help of the 14-day average line resulting in a trend to the 70% boundary. Hence, the indicator showcases phenomenal growth in the buying pressure.

In a nutshell, the NEAR technical analysis emphasizes the Fibonacci breakout of 38.20%, marking a bullish entry opportunity with the potential of reaching the $20 mark.

Upcoming Trend 

The NEAR coin price shows a rounding bottom breakout with the neckline at 38.20% Fibonacci level. Hence, the upcoming breakout rais likely to surpass the $15 mark at the 23.60% Fibonacci mark to reach the previous swing high at $20. 

Support Levels: $13 and $10

Resistance Levels: $15 and $20