Ranking th charts of top gainers, the NEAR price jump of 24% last night signals the start of Santa Rally for Near Protocol. A similar trend in multiple altcoins marks the beginning of a Santa Rally and potentially a new Altcoin season. The bullish recovery drives the YTD growth for Near protocol sensationally to reach 185%.
With the ongoing recovery rally planning to cross the $4 barrier before the end of 2023, the NEAR crypto remains a choice for breakout and momentum traders. Due to these factors, the likelihood of a bull run continuing for the Near protocol has increased significantly.
In the weekly chart, the comeback rally for Near Protocol marks a phenomenal rally and breaks down multiple barriers. With a 212% return in the last three months, the NEAR price trend continues the bullish marathon at a mindboggling pace.
Further, the increasing intraday trading volume trend and the improving sentiments fueling the Near Protocol’s network growth bolsters the uptrend.
The exponentially linear rise shows a high-speed reversal, crossing the 50% Fibonacci retracement level in the weekly chart.
In the daily chart, the trend momentum grows and shows multiple bullish engulfing candles to test the $4 mark. However, the short-term pullback leads to a longwick candle as the NEAR price now trades at $3.55.
Technical indicators:
Bollinger Bands: With the uptrend growing strong in the Bollinger Bands, the Near Protocol recovery rally sustains. Further, the bull run challenges the overhead Bollinger Band and stretches it beyond the limit, reflecting high demand.
RSI indicator: The daily RSI line kicks into the overbought territory marking a high-demand phase in the NEAR price trend.
With an impressive 185% year-to-date growth, the NEAR price trend is showing a strong reversal rally, poised to enter 2024 with a bang. The growing possibility of a bull run with the $4 breakout is increasing the attention of sidelined traders on Near Protocol.
As the market recovers and sentiment improves, buyers are lining up quickly in anticipation of a breakout rally that could reach the $5 mark.
On the flip side, a reversal from $3.86 can retest the bullish breakout of $3.
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