Near Protocol Targets 22% Gains Above 50-day Moving Average

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Published 43 mins ago

Near Protocol price continued to print gains on Thursday. The price extends the gains of the previous session. In a broader crypto market recovery NEAR shows signs of strength.

Does this look like the continuation of the current momentum of gains?

As of press time, NEAR/USD is reading at $4.74, up 1.27% for the day. The 24-hour trading volume gained 10% to $418,501,241 according to CoinMarketCap data.

  • Near Protocol extends the gains for the third straight day.
  • The breach of the 50-day moving average fuels the upside momentum.
  • The momentum oscillator turns in favor of the bulls.

Near Protocol extends gains

A turnaround is witnessed in NEAR. A miraculous recovery from its bottom after falling sharply from $6.07 to $3.73 of more than 40% fall.

Source: Trading view

Near Protocol on the daily chart is trading in a “Rising channel”, making higher highs and higher lows. Further, the price formed a “Double bottom” pattern, showing signs of bullishness. 

In addition to that, the Near Protocol buyers succeeded in breaching the 50-day exponential moving average, with more than average volumes. 

The RSI is trading above 50. When the relative strength index is above 50, it generally means that the gains are greater than the losses. As well as, MACD is bullish. A bullish crossover occurs when the MACD turns up and crosses above the signal line.

The price even gave a breakout of a three weeks consolidation zone, ranging between ($3.70) and ($4.54), which added to the current bullish sentiment.

Source: Trading view

Near Protocol on the four-hour chart gave a breakout of an inverted “Head & Shoulder” pattern. The Head $ Shoulder neckline stands at $4.5. If the price sustains above the given level, we can expect a good upside move up to its previous swing high of $6.00.

This bullish turnaround is not gonna be easy, the bulls are going to face many challenges near higher levels, before testing their previous swing high. 

Also read: http://DeFi Giant To Support Merge, Indicates Security Issues With Ethereum PoW

Some minor resistance stands at around $5.00 and $5.48.

The nearest support is ($4.30), whereas the most immediate resistance is around ($5). 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 $4.00 level could invalidate the bullish outlook. And the price could fall up to $3.70

Near protocol is bullish on all time frames. Staying Above $4.56  closing on the daily 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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