NEAR Protocol Eyes $9 Target as Bulls Anticipate Moves Between $7.50 and $8.00 Following Breakout
The post NEAR Protocol Eyes $9 Target as Bulls Anticipate Moves Between $7.50 and $8.00 Following Breakout appeared on BitcoinEthereumNews.com.
NEAR Protocol’s recent breakout has captured attention, aiming for a price target of $9 as bullish momentum gathers after a sustained downtrend. With a notable increase of 6.69% this week, NEAR is drawing interest as on-chain data reveals significant accumulation trends, prompting strategic trader positioning. According to a recent COINOTAG report, “The cyclical bullish movement observed indicates traders anticipate upward trends alongside declining selling pressures.” NEAR Protocol rallies towards $9 after breaking a long-term downtrend. Traders eye accumulation amid strategic positioning and resilient market dynamics. Breakout: A New Bullish Phase for NEAR Protocol NEAR Protocol recently broke out from a descending channel, marking a critical shift in its market sentiment. This breakout occurred mid-October, transitioning from a prolonged period of lower highs and lower lows since May 2023. Currently trading at $6.28, NEAR has demonstrated a robust presence with a 24-hour trading volume of $1.18 billion and a market capitalization reaching $7.67 billion. The price trajectory suggests a decisive end to bearish trends, positioning NEAR for potential awards in the coming week. Market Reaction and Resistance Levels After touching $7.00, NEAR faced a slight pullback, typical of market reactions post-significant rallies. Despite this minor setback, the upward trend is maintained, characterized by a sequence of higher highs and higher lows – a promising indicator of ongoing bullish sentiment. A clear focus remains on the key resistance zone of $7.50–$8.00, with a successful breach of this range paving the way for ambitious targets nearing $9, reinforcing confidence among bullish traders. Technical Indicators Suggest Potential Consolidation As NEAR enters a phase of consolidation, key technical indicators offer insights. The Relative Strength Index (RSI) currently stands at 61.54, signaling a correction from previously overbought levels, potentially providing a launchpad for renewed upward momentum. Concurrently, the MACD remains firmly in bullish territory, encouraged by…
Filed under: News - @ November 27, 2024 2:17 am