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Sohrab Khawas
Sohrab Khawas
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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.
- Apr 22, 2024 08:18 UTC
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Growing Demand Fuels NEAR Price Recovery, Eyes $12
The NEAR token price shows a bullish wave teasing a channel breakout.
The bullish reversal teases a golden crossover in the 4H chart.
A bullish breakout rally could hit the $9 mark.
As Bitcoin finds an oomph of bullish momentum, leading to a 7.87% jump in the last five days, the altcoins are preparing for a turnaround. Amidst such altcoins, the NEAR protocol’s native token takes a price jump, teasing a prolonged uptrend.
With a significant bullish reversal, Near protocol is ready to challenge the overhead supply zones. Will the price jump in this altcoin lead to a bull run beyond $10? Find out more in our NEAR price prediction.
In the 4H chart, the NEAR price trend showcases a falling trend, leading to a bearish channel pattern. The correction phase led to a death cross between the 50 and 200 EMA. Further, the price dropped under $5 with a 45% decline in market cap within 30 days.
However, the recent bullish reversal from the support trendline reflects a trend reversal opportunity in the altcoin. The upcycle accounts for a 40% rise in 9 days and approaches the $7 mark.
Currently, the NEAR price trades at $6.881 with an intraday move of 6.98% and a third consecutive bullish candle in the 1D chart. This reversal teases a bullish breakout of the descending resistance trendline.
The altcoin shows a 20% hike in trading volume, bolstering the ongoing recovery rally. This supports the possibility of a bullish breakout.
Also Check Out : Core Price Prediction: CORE Price To Hit $3.5 Soon?
Technical indicators:
EMA: The 50 EMA finds an uptick in the 4H chart as the bullish momentum increases. This increases the possibility of a golden crossover and bolsters the trend reversal opportunity.
Will NEAR Price Recovery Reach $9?
With the buyers gaining momentum coupled with the broader market recovery, the altcoins are ready for a trend reversal. Further, with the high likelihood of a bullish breakout of the falling channel, the NEAR price could hit the $10 psychological mark.
However, the trend-based Fibonacci level brings an even more optimistic target of $12.
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