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- 1 Near Protocol price has crossed the meaningful hurdle of $7 and eyeing the $7.50 mark.
- 2 Buyers have picked strength and are looking to accelerate the reversal.
The Near Protocol (NEAR) has overtaken the round mark of $7 and has displayed a falling wedge pattern breakout on the charts.
For weeks, the NEAR crypto was delivering the lower low swings and has retested the neckline region of $5. Afterward, buyers handled the selloff and a significant rebound over 34% was noted in the last two weeks.
At press time, the Near Protocol crypto (NEAR) price traded at $7.092 with an intraday gain of 3.69%, reflecting a bullish stance. It has a monthly return ratio of 5.33% and 280% yearly, signifying a long term bullish trend.
The pair of NEAR/BTC is at 0.000111 BTC, and the market cap is $4.30 Billion. Analysts are bullish and suggest that the NEAR crypto may cross the prompt hurdle of $7.60 and will retest the $9 mark soon.
Can Near Protocol (NEAR) Trigger The Rally?
On the daily charts, a neat, clean reversal was displayed and buyers have entered the battle and made sellers into trouble. The key support zone of $5 was retested and the sellers were trapped there.
Source: TradingView
The NEAR price has folded the correction and renewed higher high swings was noted. A break and close above the $7.60 will accelerate the bullish wave and the price may jump toward the $9 mark soon.
However, this week, the trading volume remained average and noted an intraday surge over 23.89% to $299.57 Million.
What Do Technical Indicators Suggest?
On an analysis over 26 indicators, only 1 indicator gave a sell call, whereas 9 has given a neutral call, and 16 indicators initiated buy call, displaying short term and long term bullish signals.
The Momentum indicator (RSI) displayed a positive divergence, and the curve rose to the overbought zone. Likewise, the MACD indicator displayed a bullish crossover and formed green bars on the histogram.
Source: Santiment
The price volatility curve has given an up move and spiked over 2.39%, noting around 0.019 mark. Similarly, the weighted sentiment data signifies a strong positive outlook, the value sustained in the bullish region around 0.912.
Per the Fibonacci retracement levels, the NEAR price has cleared the 38.2% zone and is eyeing to breach the 50% zone. However, the buyers have a challenge – to cross the $7.60, the nearest resistance mark.
Near Protocol crypto market cap soared over 1.57% to $4.32 Billion, whereas the total supply was noted at 1 Billion. However, the coin ranked at 31 per the market cap listing.
Conclusion
The Near Protocol (NEAR) price has gained momentum and surpassed the significant moving averages. Moreover, the trend is positive and buyers are showcasing their strength, which might result in a bull rally soon.
Technical Levels
Support Levels: $7 and $6.60
Resistance Levels: $7.60 and $8
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
