Near Protocol Bulls Aims 20% Gains Amid This Bullish Formation


Published 30 mins ago

Near Protocol today showed bullish momentum. The bulls attempted to cross above Tuesday’s high of $4.53. NEAR has been trading in the green for the past few hours. A double-top structure near $4.53 asks for the wait-and-watch approach. Although the bias remains positive.

  • Near Protocol trades on a higher note on Thursday.
  • A decisive break above $4.53 could fuel further upside in the price.
  • Critical support remains around $4.30.

Near Protocol price looks further upside

Source: Trading view

  On the weekly chart Near Protocol formed a “Bullish Bat Harmonic” pattern. In a bullish Bat pattern, however, the second top is lower than the first one. In addition, it combines Fibonacci with Elliott’s waves theory, and some new ratios like 88.6% are used. This pattern is a confirmation of the continuation of the prevailing trend. 

As can be seen on the chart, the price starts to make a higher low formation & started to go higher after taking a retracement of 61.8% Fibonacci level of an impulse move from ($2.38) to ($6.11). 

The price fulfills its one characteristic out of two for the price to move uptrend. Near Protocol, bulls start to make higher lows, which is a good sign for a possible bullish reversal. If the price breaks its recent swing high and makes a higher high as well, then NEAR will start its journey on an uptrend. 

Source: Trading view

Near Protocol price on the daily chart is trading in a “Rising Channel”, making higher highs and higher lows, showing signs of bullishness.

Other than that, the price even formed another reversal pattern. The price formed an inverted “Head & Shoulder” pattern. If the price is able to break above its neckline ($4.56), along with another resistance of the 50-day exponential moving average. Then we can expect a price to test its previous swing high and even break above that level. 

Also read: http://Crypto Rally: Bitcoin, Altcoins Bounce Back, How High Can They Go

The nearest support is ($4.30), whereas the most immediate resistance is around ($4.60). There is a higher probability of the price breaking its resistance. But, if any chance price tends to come close to its support, and we’ve seen any rejection there with rising volumes, then we can buy there as well the “Buy on dips” opportunity.

On the other hand, a break below the $4.30level could upset the bullish setup. In that case, the price could drop toward $3.80

Near Protocol is slightly bullish on all time frames. Above  $4.56  closing on the hourly time frame, we can put a trade on the buy side. 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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