NEAR Price Flashes A Bullish Run! Is This The Right Time To Stock Up Near Protocol?

The crypto market has regained momentum as major crypto have gained significant value in their portfolios, resulting in their price regaining important resistance levels.

Near Protocol price has added over 12% in value within the past day, making it one of the day’s top gainers. Further, the price has successfully reclaimed the $2 mark following the price jump. Since the price pump of October, the Near Protocol price has been constantly trading in a rising pattern, indicating a bullish sentiment for this crypto coin.

Following the jump, the price broke out of the resistance level of $1.140, after which it gained value but was later rejected at $1.526. The price then traded sideways for a while, following which it regained momentum and broke out, but the bears regained power and pulled it back quickly.

After multiple failed attempts, the bulls gained power and broke out of multiple resistance levels, resulting in the price trading in a rising channel pattern.

Since then, the price has constantly traded within the pattern until recently, when it attempted to break out. The price is hovering close to its resistance trendline and is predicted to retest soon, but the outcome is uncertain.

The Relative Strength Index (RSI) displays a significant price action as the averages constantly trading above halfway. Further, it is on the verge of testing its overbought range, suggesting a strong bullish sentiment in the industry.

Will The NEAR Price Continue To Rise?

If the bulls break out of the rising channel pattern, the NEAR price will regain momentum and prepare to test its resistance level of $2.20 soon. Further, if the bulls maintain the price at that level, it will set the stage for the coin to prepare to test its upper level of $2.425 in the coming days.

On the flip side, if the market experiences a trend reversal and the bears overpower the bulls, the Near Protocol price will lose momentum and fall to test its support level of $1.954 soon. If the bulls fail to hold the price at that level, it will continue to dip and test its support trendline of the channel pattern.

Moreover, if the NEAR coin breaks down the channel, it will witness a significant value correction and prepare to test its lower support level of $1.664 in the coming weeks.