Bullish Re-awakening in NEAR Price Eyes $16

Published by

Sohrab Khawas

May 14, 2024

As Bitcoin bounces back close to the $63,000 level with an overnight surge of 2.39%, the altcoins are on the rise. Apart from the meme coins, the NEAR token price is in the bullish limelight.

With the crypto market finding a bullish pivot point, will the NEAR token surge above the $10 psychological mark? Find out more in our NEAR price prediction, which projects a sprint beyond $10 in 2024.

NEAR Price Performance

With a 30% rise in the last 30 days, the uptrend in the NEAR price is gradually gaining momentum. However, the recovery rally maintains a sideline move above the crucial support of $6.215.

TradingView

Nevertheless, the bullish trend in motion shows a recovery rally ready to challenge the previous peak of $9. This concludes the ongoing pullback phase and reflects a boom in demand.

Currently, the NEAR price trades at $7.295, with a 6% overnight growth, and is ready to cross the $8 mark. Further, the long-coming support trendline prolongs the bullish trend and the higher high formation.

Technical indicator:

RSI: The bullish trend in the daily RSI line is sustained above the halfway line, reflecting the optimum demand for the bull run.

MACD: The recovery rally delays the negative crossover in the MACD and signal lines

Will NEAR Protocol Surpass $10 This Week?

In the daily chart, the triangle breakout rally prolongs the bullish trend for Near Protocol. Further, the NEAR price registered positive growth in the last 30D and maintained the support trendline.

If the market sentiments continue to improve, the bull run in the altcoin will hit the $10 milestone in the coming days. Optimistically, as per the trend-based Fibonacci level, the altcoin might reach the 1.618 level at $16.206.

On the flip side, a reversal under $10 will test the $6.215 support zone.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.