NEAR Technical Analysis: Gloomy Days End With Hopes of New High for New Year
On Tuesday night, Near announced that the blockchain protocol Terra will be integrating with the UST stablecoin in Aurora on the Near ecosystem. The intention is to provide users with the possibility of trading tokens and other assets using UST as a method of exchange.
The Near Protocol is a layer-one blockchain designed to be an open-source cloud computing platform run by the community and eliminates certain limitations that plagued competing blockchains, including slow processing speeds, poor throughput, and insufficient interoperability.
Let us read ahead to know more about the Near Protocol technical analysis.
Past Performance of NEAR
After a 30% retracement to the $8.25 mark, the NEAR coin price finds demand with a double bottom breakout in the 4-hour chart. Moreover, the demand increased multiple folds with the release of the latest news mentioned above.
The coin price rises 50% in a little more than two days and creates multiple bullish engulfing candlesticks. Moreover, the intraday trading volume has increased by 400%, reflecting the crazy buying pressure.
NEAR Technical Analysis
The coin price breaks above $12.5, and the rising demand hints at a continuation of the bullish trend. Therefore, traders can expect a new all-time high is in order.
The Pivot Points indicate the next resistance levels at $15 and $17. However, a failure to sustain above the $12.5 mark can result in a sharp downfall to the support level at $10.
The RSI indicator at 65% shows sharp growth in slope, rising more than 15% in the past couple of days. Thus, breaking above the central line and overstepping into the overbought zone.
After the recent crossover, the MACD indicator shows a bullish continuation in the MACD and signal lines. Moreover, the rising histograms reflect a strong bullishness underneath.
Therefore, the price action and the technical indicators give a strong BUY signal for the coin.
Upcoming Trend
A new-all time high formation for the coin price is possible as the buying pressure grows. Therefore, traders and investors can find bullish entry opportunities at current prices.