This Breakout Rally In NEAR Price Trend Could Give 2x Returns

Published by

Sohrab Khawas

May 16, 2024

As Bitcoin bounces above the $65,000 level, the NEAR token price siphons additional momentum for a massive surge. The increasing momentum, the overnight jump and the market recovery are all the positive catalysts bolstering the upside potentials for the NEAR token.

However, the previous failures to exceed the $10 psychological mark warn of another exhaustion. Will the bull run in this altcoin surpass $10 for an extended uptrend? Find out more in our NEAR price prediction, which projects a sprint beyond $10 in 2024.

NEAR Price Performance

With a bullish reversal starting from under $6, the NEAR price uptrend shows a positive wave structure starting in the 1D chart. Further, as the market recovery gains momentum with a spike in BTC, the altcoin finds additional bullish momentum.

With a 58% rise in the last 30D, the NEAR price shows a rising channel pattern, a reflection of a solid uptrend. Further, the recent jump in the altcoin marks a positive cycle within the channel.

Currently, the NEAR price trades at $8.056, with minimal intraday changes. This projects a brief pause in the active buying activities. Nevertheless, the bull cycle challenges the overhead resistance trendline as it reclaims the $8 mark. With a 126% rise in trading volume, the breakout rally chances are high in the Near protocol token.

Technical indicator:

RSI: The bullish trend in the daily RSI line sustains above the halfway line and marks an uptick move. This is a reflection of the increased buying pressure in the NEAR token price last night.

DMI: The positive rise in the VI lines with an uptick in ADX reflects a bull run starting with increasing momentum.

Will The NEAR Token Market Value Reach $16?

The market-wide growth in buying pressure reflects increased risk-taking capacity amongst the investors. This projects a bull market coming in the crypto world, and this could boost the NEAR price to new peaks.

As per the technical analysis, the Fibonacci levels give the 1.618 level at $16 as the next target above the $10 and $12 levels. On the flip side, a reversal in NEAR price from $10 could retest $6.215.

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.